On Friday, India`s Minister of State for Mines Subbarami Redy called for Indiato cease the import of diamonds and gold to Indiaand to instead focus on reserves available in the country. "It is very sad that despite having 9% of the world`s gold and diamond deposits, Indiaimports 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," Reddy said.

The Minister claimed that Indiadoes not benefit from its gold and diamond reserves because their excavation would involve large capital investment and cutting-edge technology. "We want to stop gold and diamond imports in ten years."

The Minister announced that a new mineral policy is to be declared shortly which will enable international enterprises to take part in excavations and mining in India.