Editor’s Note
Panna, India’s historic diamond hub, prepares for its premier annual event. From December 4-6, traders nationwide will gather for a major auction featuring 127 diamonds valued at ₹4.1 crore, preceded by a special exhibition.
The city of Panna, famous across India for its diamonds, is set to host its largest diamond market. An auction of diamonds is held every year in December. This time, 127 diamonds valued at Rs 4.1 crore will be put up for auction. Traders from Gujarat, Delhi, Mumbai, Rajasthan, and Uttar Pradesh will arrive in Panna to purchase diamonds. An exhibition will also be organized to display the diamonds before the auction. The auction will take place from December 4th to December 6th. The Diamond Office has completed all preparations.
All diamonds, big and small, will be auctioned under the chairmanship of the Panna District Collector. From the proceeds of this auction, an 11% royalty is deducted and the remaining amount is transferred to the diamond owner’s account. Diamonds obtained during mining throughout the year are weighed at the Diamond Office and stored. They are then included in the auction when it is held. This time, a diamond weighing 313 carats is part of the auction.
It has been observed in the last two to three auctions that some traders place high bids on diamonds but later fail to take delivery. This causes revenue loss to the government and disappoints the diamond owner (Tuaadar), who then has to put the diamond up for auction again. Such traders are being identified and will be blacklisted, meaning they will not be able to bid in future diamond auctions.
The price of all diamonds, whether small or large, is predetermined by diamond appraisers. The bidding starts from that base price. From the final purchase price, an 11% royalty is deducted and sent to the Tuaadar’s (diamond owner’s) account.