Sam Walsh, CEO of London-based Rio Tinto Group has had three discussions with Indian Prime Minister Narendra Modi on the planned $500 million Bunder diamond mine in the state of Madhya Pradesh in central India, and the Odisha iron ore project in eastern India.
“We’re waiting for approvals, forestry and environment approvals, which I am hopeful will come through in the near term,” Walsh said, referring to the Bunder project.
India’s retail diamond jewelry market is worth about $10 billion and forecast to expand at 15 percent a year through 2019, according to Rio Tinto. The Bunder project would restore India as a major producer of diamonds, it added.
Last updated: December 26th, 2025
