Word of the Day:

: a rich mine; broadly : a source of great wealth

The junk bond market proved to be a Golconda for unscrupulous traders during the 1980s, many of whom amassed huge fortunes by trading such bonds to the unwary.

In the 16th century, Golconda was the capital of the Qutb Shahi kingdom in southern India, near modern Hyderabad. The city was home to one of the most powerful Muslim sultanates in the region and was the center of a flourishing diamond trade. Magnificent diamonds were taken from the mines in the hills surrounding Golconda, including Darya-e Nur (meaning "sea of light"), at 185 carats, the largest and finest diamond of the crown jewels of Iran. By the 1880s, "Golconda" was being used generically by English speakers to refer to any particularly rich mine, and later to any source of great wealth.