Nair said, "The Memorandum of Understanding is a further strengthening
of the relationship between De Beers and the Government of India
that has already existed for the past two decades, into a partnership
in diamond mining in India. The agreement also illustrates the interest
shown by Government of India in diamond exploration and mining."
McKechnie reiterated De Beers commitment to the discovery of new
world class diamond mines in India. De Beers India's exploration
investment in India to date has been approximately Rs 450 million
with planned expenditure in 2005 budgeted at Rs 350 million.