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Major Gold Reserves Unearthed in Odisha: A Game-Changer for India’s Mining Industry

Odisha’s Gold Discovery Sparks Optimism for Growth in the Mining Sector, with Plans for Large-Scale Auction Underway

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Odisha has emerged as a promising new hub for gold mining, following the discovery of vast gold reserves across several districts. Bibhuti Jena, the state’s Mines Minister, confirmed the exciting find and announced ongoing exploration efforts. The state is set to hold a large-scale auction of gold mining blocks in the near future to capitalize on this newfound potential.

Key districts such as Sundargarh, Nabarangpur, Keonjhar, and Deogarh have been identified as hotspots for the gold reserves. Exploration is also expanding to regions like Malkangiri, Sambalpur, and Boudh, with more discoveries anticipated. In Mayurbhanj, areas like Jashipur, Suriaguda, Ruaansi, Idelkucha, Maredihi, Suleipat, and Badampahad are under investigation for their mineral potential.

One of the most notable discoveries has been in Deogarh district, specifically in Adasa-Rampalli, an area where gold traces had been found earlier. The Geological Survey of India (GSI) is actively conducting G-2 level exploration in this region, revealing the possibility of multiple mineral resources, including copper.

Keonjhar district is also a key focus for gold exploration, with surveys being carried out in areas like Gopur-Gazipur, Mankadchuan, Saleikana, and Dimirimunda. These efforts form part of Odisha’s larger strategy to develop its mining industry and fully utilize its untapped mineral wealth. The state government is closely involved, and the upcoming auction of gold mining blocks in Deogarh is seen as a major step forward.

The exploration is being carefully monitored by state authorities, the GSI, and the Odisha Mining Corporation, with technical committees set to review the final exploration reports to assess the viability of commercial mining. Early findings suggest promising potential, and final results are expected by the end of 2025.

This discovery further solidifies Odisha’s reputation as a mineral-rich state, while positioning India as a key player on the global mining stage. If the reserves prove commercially viable, the gold deposits could provide a significant economic boost, drawing both domestic and international investments into the country’s mining sector.

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Sky Gold & Diamonds Enters MSCI India Domestic Small Cap Index, Marks Key Milestone In Growth Journey

Index Inclusion Highlights Sky Gold’s Growing Market Relevance, Positive Operating Cash Flow and Focus On Disciplined, Scalable Growth.

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Sky Gold & Diamonds Ltd, one of India’s fast-growing jewellery manufacturers, has been added to the MSCI India Domestic Small Cap Index, as part of the latest index review announced by MSCI.

The inclusion marks an important milestone for Sky Gold, reflecting the company’s growing presence and relevance within India’s listed small-cap universe.

A key development during the current quarter has been the company turning operating cash flow positive, marking an important step in improving working capital discipline and strengthening the quality of its growth. The company remains focused on balancing business expansion with profitability and cash flow generation.

Sky Gold is simultaneously strengthening its governance and management framework, with a structured leadership approach, robust and strengthened financial and governance processes, including engagement with a large global accounting firm.

Operationally, Sky Gold continues to focus on lightweight and value-added jewellery, while expanding its customer base and strengthening its presence across organised jewellery retail. Its asset-light manufacturing model remains central to its strategy of scaling capacity while maintaining capital efficiency.

Commenting on the development, Mr. Mangesh Chauhan, Managing Director, Sky Gold and Diamonds Limited, said:

“Our inclusion in the MSCI India Domestic Small Cap Index is an important recognition of our growth journey over the years from building scale to building a stronger, more disciplined and institution-ready organisation. As we move forward, our focus is on a sustainable business—one that grows profitably, converts growth into cash, deploys capital efficiently and continues to strengthen the systems and governance required to operate at a much larger scale”.

With Sky Gold 3.0, we are building the organisation for this next phase of growth with greater financial discipline, deeper customer relationships and a stronger scalable operating model. We believe this inclusion will further broaden Sky Gold’s visibility within the institutional investment community and reinforce our commitment to creating long-term value for our stakeholders.”

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