Centre to encourage gold, diamond mining

The Centre will initiate measures for intensifying the exploration of diamond and gold in the five gold and diamond bearing states, including Orissa.

The Union mines ministry will provide required guidance to the state governments through Indian Bureau of Mines (IBM) and Geological Survey of India (GSI), T Subbarami Reddy, Union minister of state for mines, said.

Addressing the participants of the 'Mineral East' meet organised by the Orissa chapter of the Confederation of Indian Industry (CII) here, the minister said India has about 9 per cent of the total gold reserves of the world.

Despite this it imports gold worth over Rs 65,000 crore and diamond worth Rs 75,000 crore every year. In next three years, the Centre plans to reduce gold and diamond import by Rs 20,000 crore, the minister said, adding, within 10 years time we intend to stop importing gold and diamond to meet domestic requirement.