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.
British mining major Rio Tinto will be investing Rs 370 crore (rs 3.7 billion), for exploration and mining of diamonds in Madhya Pradesh's Bunder town, over the next three years, a senior State Government official on Monday said.
US, China and India are three main jewellery markets in the world, says Rio Tinto.
Rio Tinto, one of the largest global miners, has started a trial run of diamond mining operations from its Bunder project in Madhya Pradesh.
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.
Three reconnaissance permits were issued during 2006-07 enlisting private participation for use of sophisticated equipments in exploratory work. Madhya Pradesh is the top state in India today in diamond mining with the Panna mine producing 15000 carats of both gem and industrial variety stones annually.
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.
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.
Investors from across the globe are keen to invest in Gujarat.
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