PANNA: Prakash Sharma, a farmer who hails from Madhya Pradesh's Panna district, was ploughing an agricultural field he had taken on lease on Friday and to his astonishment, he found a 12.58-carat diamond while tilling the land.

The area is known to have diamond deposits and the estimated value of the precious stone Sharma discovered is said to be around Rs 50 lakh. The field is owned by one Kedar Nath Raikwar who has leased it to Sharma for farming.

District Mining and Diamond Officer Santosh Singh said the diamond was found in a field leased by farmer Prakash Kumar Sharma at village Sarkoha, 25 km from here.

Sharma deposited it with his office Friday afternoon, Singh said.

The raw diamond would be auctioned, and the proceeds would be given to Sharma after deduction of government royalty and taxes, he said.

The district is estimated to have reserves of 12 lakh carats of diamond.

(With PTI inputs)