NMDC auctions over 8300 carats of rough diamonds

Chennai: The National Mineral Development Corporation (NMDC) has auctioned 8337 carats of rough diamonds produced prior to December 2020.

The e-auction was held for rough diamonds produced at its Panna diamond mines in Madhya Pradesh. According to a release, the e-auction received an “overwhelming” response from diamond merchants of Surat, Mumbai and Panna. About 8337 carats of rough diamonds were offered in the auction and almost 100 per cent of the quantity received winning bids.

The e-auction was conducted at Navratna Gallery in Surat on March 7 and 8. Rough diamonds with caratage starting from 2 carats to 34 carats were put on display prior to the auction. NMDC's Panna diamond mine is the largest in Madhya Pradesh and the state accounts for 90 per cent of India's diamond resources.

NMDC has a production capacity of 84000 carats per year in Madhya Pradesh.
"NMDC has been in the sphere of mining for over six decades now…We recently received an overwhelming response in the diamond auction conducted at Surat where almost 100 per cent of the offered quantity received bids from the diamond merchants," said Sumit Deb, chairman and managing director, NMDC.