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India's Diamonds

Latest find and sale up the ante for JV talks...

India's National Mineral Development Corporation (NMDC) has hit a new high. First, it mined its biggest and heaviest diamond, weighing 30.3 carats, and then topped it with a record earning of Rs 91.99 lakh in open sale.

The diamond, sold by the corporation in a public auction held on January 20, fetched NMDC a record price.

The company has been in talks with the world?s largest mining companies ? Rio Tinto and Australian mining major, BHP Billiton to set up a diamond mining joint venture in Madhya Pradesh.

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