Thursday, October 10, 2024

Bhopal: Rush for diamond mining licence ebbs

An official involved in the diamond auction process said about 150 diamonds of various sizes didn’t go under the hammer.

But since the start of the Russia-Ukraine war and the global recession, the demand for diamonds has declined worldwide. This can be seen from the fact that out of some 500 diamond mines, people have applied for licences for 200 of them.

Panna diamond trader Naresh Jain said that if the demand for diamonds does not pick up, the mines may close. “Why will people come and spend money on digging diamonds if they do not get a good price?” he said. “During Diwali, diamond sales would be brisk.

This Diwali, there was no sale in my shop,” he added. He said the ongoing wars had affected the diamond market. Israel used to be one of the biggest markets for diamonds, but now there is no demand as the country is at war with Hamas.

Russia was also one of the largest markets. Demand for diamonds there has fallen. Anupam Singh, a diamond assayer at the Panna Diamond Bureau, said the global recession, compounded by the Russia-Ukraine war, had reduced demand.

With diamonds no longer in demand and their prices low, very few people have applied for diamond mining licences. Sources said that due to lower demand, diamond prices have come down and are at the 2008 levels.
The diamond auctions held in Panna did not receive a good response and most of the diamond stock remained unsold.

An official involved in the diamond auction said that around 150 diamonds of various sizes didn’t go under the hammer. The dreams of people who had found diamonds and hoped to make a good amount of money lie shattered.

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

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