A new diamond mine is potentially on its way to be opened, in what would be the largest mind in all of India.

Rio Tinto, a worldwide diamond mining company, is in the works as we speak, investigating the feasibility of opening a new mine close to Madhya Pradesh.

The company estimates that there could be over twenty five million carats of diamonds, which would be one of the largest of its kind in the world.

Nik Senapati, the director of Rio Tinto in India, told the Telegraph in Calcutta that:

“We have applied for a mining licence from the central government … in this area where we have a prospecting licence and the ‘inferred resource’ is estimated at 27.4 million carats.” The company was able to acquire a license in 2006.

Panna, the only working diamond mine as of now in India, is only one seventh of the size of the Bunder. Nevertheless, it could take many years for the mine to be fully functional, so careful studies are conducted to determine how financially feasible it can be.

Local diamond traders in the Delhi speculate that the diamond mine could be worth up to five billion dollars, though Senapati remained quiet on the issue. 

There exists the possibility of a delay, as activists are filing a case again against Rio Tinto. The director of the company says that they are fully in accordance with all laws and regulations.

Diamond miners all over the world have cut their diamond productions due to the global financial crisis, during which diamond sales decreased. In 2009, diamond supply was down forty carats from the year before.

Now as the economy is starting back up again, diamond prices have increased.