The mine is likely to yield 37 million tonnes of kimberlite, containing about 27.4 million carats of diamonds and has a life of 25 years.
US, China and India are three main jewellery markets in the world, says Rio Tinto.
Pink diamonds cost at least 20 times more than processed white diamonds and only 40 to 60 pieces are available worldwide, with each stone weighing 40 to 60 carat.
Government will start to auction the rights to up to 70 diamond and gold exploration zones to mining companies this year
Rajesh Bhayani examines what SEBI's approval of diamond futures trading means for the diamond market players.
Investors from across the globe are keen to invest in Gujarat.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
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