mjunction e-auctions rough diamond worth Rs 110 crore

Over one lakh carats of rough diamond with a transaction value of Rs 110 crore has been e-auctioned by mjunction for a PSU mining company.

It is a significant development amid a global slowdown in diamond industry, the company said without naming the PSU.

The e-auction process has successfully overcome the challenges in the gem and jewellery sector, it added.

Mjunction CEO Vinaya Varma said, "mjunction's e-auction platform has helped the PSU mining company identify the right buyers and sell their product at the correct price. The online process ensured complete transparency, safety from unfair practices and efficient time management".
 

Mjunction reached out to a large number of buyers and undertook several measures to make the e-auction process successful. The widening of the bidder base was done with the help of social media marketing, it said in the statement.

Two offices were set up -- one at the diamond mining project site and another in Mumbai. The offices were established for a better tripartite co-ordination between the PSU company, mjunction and the buyers, it said.

In the last five years, the diamond industry's growth has been declining because of recessive demand in European markets and Chinese economic slowdown.

Recently the Gem and Jewellery Export Promotion Council (GJEPC) has requested international miners to explore mining opportunities in India to keep up with the changing global scenario. Reports have appeared that a private entity is also open to taking charge of the diamond mine which Rio Tinto gave up in Madhya Pradesh.

Leveraging digital technology for e-auction, e-distribution and e-procurement will be immensely beneficial in realising the right market value to obtain maximum profitability. The adaptability to such mechanisms also gives a much-needed impetus to government's 'Digital India' mission, it said.

Mjunction is a joint venture between Tata Steel and SAIL. It offers a range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies.