Diamonds worth Rs 10 crore were stolen from Mumbai's diamond market.

The police said unidentified persons broke into a shop in the Panchratna building at the famous market when no employee was in the shop and stole the diamonds.

Sources in the police department admitted that the diamonds were worth Rs 10 crore but refused to divulge more detail about the owner.

Panchratna is the building in which diamonds worth crores of rupees are traded and many diamond establishments are located.

The building is in the central area of Charni Road in south Mumbai and is surrounded by heavy security.

Deputy of Commissioner of Police R R Pawar said: "We are inquiring. It is too early too comment on who could behind the job because duplicate keys were used to rob the diamonds."

He however refused to comment on whether he felt it was an insider job.

Last week, diamonds worth Rs 5 crore was stolen from Mumbai's Chattrapati Shivaji International airport, but the police swung into action and caught the robbers who turned out to be casual labourers at the airport.