Golkunda Diamonds & Jewellery Ltd has announced that the Board of Directors of the Company at its meeting held on December 26, 2008, inter alia, has allotted 28,00,000 equity shares on preferential basis to M/s Neverloose Properties & Investment Pvt Ltd at a price of Rs 11/- per share, as approved by the Share holders in the EGM held on December 10, 2008.