NMDC auctions 2,050 carats of Panna diamonds, top stone fetches Rs 57 lakh | Hyderabad News
Hyderabad: State-owned miner NMDC Ltd has successfully auctioned off 2,050 carats of diamonds mined from its Panna mine in Madhya Pradesh at its latest auction, with an 8.12-carat gem-quality stone drawing the highest bid amount of Rs 57 lakh, the company said.The 392nd auction was conducted over four days, on October 22-23 and November 3-4 where NMDC offered 13,177 carats of diamonds, including 5,031 carats classified as gem quality.
Some of the diamonds mined at NMDC Ltd’s Panna diamond mines in Madhya Pradesh that were auctioned by the miner recently.
About 60 buyers, mainly from Mumbai and Surat, took part in the sale, underlining continued demand from India’s key diamond trading centres.The diamonds placed on the block were mined between 2024 and March 2026 with the average realisation from the quantity sold at about Rs 32,700 per carat. NMDC said output from its Panna operation stood at around 8,000 carats between April and October 2026.NMDC chairman and managing director Amitava Mukherjee said the response to the auction reflected the quality of Panna’s resources and confidence of domestic diamond traders in the company’s offerings. He said the sale also reaffirmed Panna’s role in NMDC’s diversified mining portfolio.The Panna mine has produced several high-value stones over the years. Its largest recorded recovery, a 34.37-carat gem-quality diamond, was sold at the 391st auction in 2022 for about Rs 3.87 crore.It was only on Sept 15 that the state-run miner recovered its second largest diamond weighing 27.29 carats from the Panna mine. Rough diamonds typically gain substantial value after cutting and polishing by merchants and jewellers.NMDC operates India’s only mechanised diamond mine and Asia’s largest diamond mine at Majhgawan in Panna district. Commercial, fully mechanised production began in 1971-72 after NMDC acquired the property in 1965 and completed preliminary exploration and excavation.
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