The scope of Russian business activity in the world diamond market is still limited to large-wholesale rough diamonds. While Russia has significant reserves and resources of natural diamonds, it does not fully use the potential of the manufacturing sector, whose competitiveness could be achieved through the introduction of innovative technologies and products. There is a need to develop new strategic approaches for effective management of the economic mechanism of processing enterprises in accordance with the dynamics of the market. Recent changes occurring in the global diamond market require the development of new strategic objectives and drawing up long-term forecasts of the development of the domestic diamond industry using modern methods of long-term forecasting. A forecasting technology foresight is one of such modern tools. Applying the technology foresight according to the scheme developed in this study, will allow using additional strategic forecasting tools to develop an effective program of the innovation development of the diamond industry taking into account the situation in the world diamond market and new technological solutions. The authors have developed a methodical approach to create a strategy of the innovative development of the diamond industry using foresight instruments. This approach includes the author's Foresight project management system and a round-robin algorithm of performance evaluation of the innovative development of industry complexes. The conditions of the formation of a communicative platform for the interaction between the participants of the complex are proposed. The practical application of the developed recommendations will significantly complement and clarify information support of approval procedures of management decisions for strategic planning and the development of innovative ways to display innovative products to the market. The proposed approaches have expanded the scope of the methodology of the industry foresight in the region, particularly in the diamond industry.