As of now, only Indian power, steel and cement companies can mine coal for their own consumption.
US, China and India are three main jewellery markets in the world, says Rio Tinto.
Prime Minister Narendra Modi's decision to open commercial coal mining to private players is a key step towards bringing order to the country's chaotic power industry and ending the chronic blackouts that impede its economic rise.
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.
Government will start to auction the rights to up to 70 diamond and gold exploration zones to mining companies this year
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