SRINAGAR: Jammu and Kashmir auctioned its collection of Rough Sapphire Corundum (RSC) for a total of Rs 98 lakh.
Jammu and Kashmir Minerals Limited, a J&K Government Undertaking, conducted an auction of RSC at Jawaharlal Nehru Udhyog Bhawan Rail Head Complex, Jammu.
During the auction, as many as 67 different lots of corundum sapphire were displayed for open auction by the bidders who had come from different parts of the country.
The auction was held under the chairmanship of secretary industries, R K Bhagat, while as managing director JK Minerals Ltd, Abid Suhail, director geology and mining F A Khan, and other concerned senior officers were present on the occasion as members of the auction committee.
In all, the auction of 29 lots went under hammer, fetching Rs 98.16 lakh revenue to the corporation.
Elaborate arrangements of security and banking facilities were made by the corporation, besides surveillance through CCTV cameras.
Speaking on the occasion, Bhagat said that the washed rough corundum sapphire has been mined out from mines in Paddar, Kishtwar.
He said J&K Minerals has a “vast potential” to provide employment opportunities in the state.
He said efforts were underway to extract sapphire on scientific lines which has great potential to generate the resources for the economic development of the region and the state.
He also emphasised for reaching out to the national and international market so that optimum price of the sapphire is obtained.