The Hindu Business Line : De Beers expands search for diamond deposits

Roadmap
The company has expanded search into Chhattrisgarh, Orissa, Madhya Pradesh and Uttar Pradesh.
Awaiting reforms in the mining sector to make more investments

Hyderabad , Nov. 9

The lure for diamonds is evergreen for the customers. For mining majors, its discovery means mega dollars.

In recent years, global mining majors are making a beeline to India in the hunt for this precious metal.

De Beers, amongst the biggest of companies dealing in diamonds, wants to be the first in the race to discover new diamond deposits in the country.

It has, accordingly, spread its search and effort in the past few years.

Expands reach

Having invested Rs 100 crore already, the company, which has been exploring in Karnataka and Andhra Pradesh, has expanded its search into Orissa, Chhattisgarh, Madhya Pradesh and Uttar Pradesh as well. India has a rich history of diamond mines.

World famous diamonds such as the Kohinoor were mined in India. "It should therefore be a matter of time, when diamonds are found again in the country," said Mr John Sumpton, Exploration Manager Exploration of De Beers India. Currently, the only established and exploited diamond mine in the country is in Panna, Madhya Pradesh.

Mr Sumpton said the company was ready to pump in enough resources to intensify its exploration activity. However, "We are keenly awaiting the reforms in mineral sector, that would give a boost to exploration and exploitation," he told Business Line here.

The company is also open to joint venture with Indian companies. But most companies which are active are mainly competitors. Having started operations in 2001, DeBeers, based out of Bangalore, currently has over 100 professionals working with it.

Mr Sumpton, who is here participating in the ongoing international exhibition and seminar organised by the Association of Exploration Geophysics, said the average time for discovery of a new diamond mine is 10 years. It would take another 10 years to start exploiting it. Therefore, the business is hugely risky and needs big money.

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