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When new triples are added the rules index becomes 'incomplete' and when triples are deleted it becomes 'invalid. The status of a rules index can be checked using RDF_RULES_INDEX_INFO view (see chapter 1 in the documentation).
Duplicate triples are not stored.
Oracle 11g has support for very fast loading. Some load performance figures are at the Oracle Semantic Technologies page at http://www.oracle.com/technology/tech/semantic_technologies/index.html We strongly recommend moving to Oracle 11g if you are interested in fast loading. For Oracle 10gR2 it should be faster than the numbers you mention (One million into an empty network takes about 30 minutes on a commodity PC). If you feel there are tuning issues, please file a service request with Oracle Support.
I have a query related to this.
While updating a model, can some other application concurrently use it? I mean, I want my program to access the triples stored in the model while some other program is adding triples to the same model.
Yes, concurrency works exactly as it does for other database objects. When the update mechanism uses an internal lock the querying application might have to wait, but all of this will be transparent to the application.
The same thing goes for loading (question in the first post on this thread) - loading and querying applications can run concurrently (as with any database object), during load steps when a lock is obtained the querying application will wait.