Mr. Redy declared that a new mineral policy is being formed to allow international entities be a part of such activities in India.
"It is very sad that despite having 9% of the world's gold and diamond deposits, India imports these minerals at such high cost. We don't even produce a single piece of diamond, while we import 800 tons of gold per annum. "We want to stop gold and diamond imports in ten years", Redy said.
Citing concern over India’s heavy imports of gold and diamonds, the Minister of State for Mines, Mr. Subbarami Redy asked India companies to capitalise on the reserves available in the country and depend less on imports. The reason imports are currently high and reserves are being less exploited, is the high excavation costs and cutting-edge technology required.
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