A marginal farmer in Panna district of Madhya Pradesh, found a diamond worth Rs. 30 lakh, said a government official on Friday.
Prakash Sharma, who lives approximately 400 km north of Bhopal, found the 12.58 carat diamond on a land he had leased near his village Janakpur, said Panna district diamond mining officer Santosh Singh.
“The diamond has been deposited in our office. Its quality is good,” said Singh.
“According to our gem experts the diamond’s starting price can be around Rs. 30 lakh. The price can go up further during an auction next month”, he said.
As per a report by Hindustan Times, Sharma told journalists he was overjoyed. He had been digging the 25×25 feet land for two years to find a diamond.
“I didn’t engage local labourers, as I couldn’t afford them. I will invest the money once I get from the auction in business and farming”, he said.
According to the mining officer, 11% of the amount from the auction will go to the state government.
Earlier in 2015 as well, Andhra villagers had found a diamond worth Rs. 17 Lakhs after digging through fields in Kurnool. This diamond rich mining area has been famous for showing up the precious stones after the rains wash away several layers of the earth.
More About Carats:
The carat weight measures the mass of a diamond. One carat is defined as 200 milligrams. The point unit—equal to one one-hundredth of a carat (0.01 carat, or 2 mg)—is commonly used for diamonds of less than one carat. The price per carat increases with carat weight, since larger diamonds are both rarer and more desirable for use as gemstones.
The price per carat does not increase linearly with increasing size. Instead, there are sharp jumps around milestone carat weights, as demand is much higher for diamonds weighing just more than a milestone than for those weighing just less. As an example, a 0.99-carat diamond may have a significantly lower price per carat than a comparable 1.01-carat diamond, because of differences in demand.
Diamond prices are influenced by global trends. The largest markets are USA (about half), China and India. Since 2008, larger diamonds have appreciated better than smaller ones