India’s Two Biggest Diamonds to Be Auctioned

37.68 ct. diamond
37.68ct. diamond

Bhopal: National Mineral Development Corporation (NMDC) of India may take two of its biggest ever diamonds, produced from Panna mines in Madhya Pradesh, for auction in Belgium after having failed to get potential buyers despite repeated attempts, reports The Times of India. Last auction was held in Panna district, which concluded on Wednesday.

Panna diamonds – a 37.68 carat and a 34.37 and – will be auctioned in Belgium’s Antwerp, world’s largest diamond trade centre, said an NMDC officer.

NMDC had invited bids for 13200 carat diamonds in the three-day auction, of which 6271 carat was sold at Rs 8.6 crore till Wednesday.

Around 100 diamond traders from Mumbai, Delhi and Panna took part in the auction. But its prized possession could not get potential buyers, last bid for these two diamonds was Rs 3 crore.

“Our board of directors will discuss further plans about these two gems. We will take to Antwerp if not sold in India,” said Sanjay Dubey, NMDC’s divisional commercial manager. “Yes, we will re-invite tenders very soon and this could be a global tender as well,” he said Chairman.

The 34.37 carat jewel was recovered from a pit on June 30, 2010 from the company’s Panna Mines.

Before that the mines had produced a 32 carat diamond in 2005 and a 30.30 carat diamond in 2003, which were sold for about Rs 1 crore each. In November 2011 NMDC unearthed its biggest ever 37.68 carat diamond.

Both of these diamonds had been auctioned thrice since then, but in vein. “Fate of two biggest diamonds will be decided by top officers. But we are hopeful to rise about Rs 10 crore from auction of remaining rough diamonds, which will be exhibited for merchants from different places in the next auction,” said another officer.