Nostromo Research

11 APRIL 2013

Mining giant Rio Tinto expects to reap massive profits from its new Indian venture at Bunder in the Chhatarpur district of Bundelkhand region, Madhya Pradesh state.

The company describes this as: “[t]he most advanced diamond project worldwide (sic) and the most important diamond discovery in India for many decades”, claiming to have “…identified a diamond resource seven times richer than the Panna diamond mine (1), the only operating diamond mine in India… Madhya Pradesh would therefore rank, in volume and value terms, in the top 10 diamond producing regions in the world” (2).

The vast majority of India’s diamonds are currently imported (as “roughs”), including ones from Rio Tinto’s huge Argyle diamond mine in Western Australia and its Diavik joint venture in North Western Canada. A substantial proportion of these are then cut and polished at the company’s own workshops in North East India. Read more