There is a local rumor that the Kohinoor diamond was found in Kollur, Bellamkonda mandal of Palnadu district. This village on the banks of Krishna river is now submerged in Pulichintala backwater. Earlier diamond hunting was going on in this area. When the Tolakari rains fall, the locals of Palnadu district go to Kollur and stay in the hills to look for diamonds.

There is also a popular story about how the name Kohinoor came about. It is said that the locals brought the biggest diamond to the king who ruled Bellamkonda, but the local king took it to the Muslim king and the Muslim king was surprised to see it and said Koi Nahi Noor, which later became Kohinoor. Kohinoor, which reached the Muslim kings, is said to have reached the time of the British rulers. It is in this context that diamond hunting continued until Kollur tiger drowned in the backwaters of Chintala.

But at present, kondamatti from the quarries near Bellamkonda is poured in the plots being set up next to Basavamma Vagu in Sattenapalli. This matter is known to the locals. As soon as it rained, the locals started searching for diamonds in the soil. Diamond hunting is going on here since two days. Locals are hopeful that colored stones will be found even if not diamonds. All in all, the diamond hunt at Basavamma Vagu has become the talk of the town.