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Paul Noronha

Upbeat prospects: Mr Bill Champion, Managing Director, Rio Tinto Diamonds, along with Mr Sanjay Kothari, Chairman, GJEPC, at the 25th Edition of The IIJS Jewellery Show in Mumbai on Thursday. –

Our Bureau

Mumbai, Aug. 7 The recent rise in gold prices seems to have given a new lease of life to the struggling global mining industry.

Speaking to the media on the sidelines of a function to inaugurate the 25th edition of India International Jewellery Show, Mr Philip Olden, Managing Director, World Gold Council, said though the cost of mining varies for different companies, on an average the cost has gone up by $500 an ounce.

“Demand in the US has fallen five per cent and there is no sign of consumer confidence reviving any time sooner,” he said. A slowdown in demand is quite visible in Saudi Arabia and Turkey. The demand is growing only in India and China, especially on the investment side.

Mr Bill Champion, Managing Director, Rio Tinto Diamonds, said the company has invested Rs 100 crore in diamond mining activities in India and expects the production to commence from next year. Over 30,000 trade visitors are expected at the five-day show.

More Stories on : Gold & Silver | Mining & Quarrying

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