<p>The Press Trust of India (PTI) has reported that more than 260 diamonds weighing 316.33 carats recovered from the diamond mines in Madhya Pradesh&rsquo;s Panna district are being auctioned. The estimated value of the stones was put down as Rs. 3 crore.</p> <p>The auction, which began on Tuesday, includes an 18.13 carat diamond, which had remained unsold on two previous auctions, the report says.</p> <p>In a news report dated Jan 7, 2020, PTI quoted Panna Diamond Officer RK Pandey as saying: &ldquo;A total of 261 diamonds weighing 316.33 carats will be auctioned, the process for which began today. The auction will continue for the next two days. The cumulative cost of these diamonds is Rs 3 crore.&quot;</p> <p>Pandey also indicated that diamond traders from Gujarat and Mumbai were expected to attend the auction.</p> <p>According to estimates, Panna district (where the diamond mines are located) and which is situated roughly 385 kilometres from state capital Bhopal, &ldquo;is estimated to have diamond reserves totalling 12 lakh carats&rdquo; officials are said to have told PTI.</p>