Public sector mining company NMDC Ltd, which runs India’s only operational diamond mine at Panna in Madhya Pradesh, has netted Rs 110 crore through the latest E-Auction of rough diamonds conducted by online marketplace mjunction, according to media reports.

The PSU, which earlier used to sell the rough diamonds recovered at its mines through regular physical auctions, made the shift to online auctions in 2016, reports say. The E-auctions have been held in collaboration with mjunction, a joint venture between Tata Steel and SAIL, it was stated.

As per the media reports, mjunction said that it reached out to a large number of buyers and undertook several measures to make the E-auction process successful, including setting up special dedicated desks at its offices in Mumbai and MP, and “widening of the bidder base... with the help of social media marketing”.

The CEO of mjunction, Vinaya Varma has been quoted as saying that the online process “ensured complete transparency, safety from unfair practices and efficient time management”.

Under the terms ofthe E-auction, buyers were required to register in advance and pay a refundable deposit. Successful bidders were required to pay 20% of the sales value as non-refundable security deposit within three days and complete the transaction within thirty days.