Bhopal(Madhya Pradesh): Have the war between Ukraine and Russia and global recession anything to do with auction of diamonds in Panna? The last two auctions were clouded by global happenings, which had affected their sale.
The next diamond auction in Panna will begin on February 21. This time too, officials at Panna Diamond Office apprehend that not all diamonds will get sold.
The traders purchase diamonds while keeping in view the global demand. Owning to Ukraine-Russia war and global recession, diamonds’ demand has dropped.
“Diamonds auctioned in Panna go abroad through different channels including online sale. They are directly purchased by traders in Surat, Mumbai. Panna diamonds are sold in Russia, Ukraine, Dubai, China, America, Africa, Belgium, Hong Kong. As international market is down, it is almost certain that diamonds’ sale at auction in Panna will be less,” Diamond trader Naresh Jain (Panna) told Free Press.
He added, “Who would invest money in diamonds when there is not much demand. Online diamond buyers are also not ready to give a good price. In online sale, certified diamonds are sold.” Another diamond trader Manoj Jadia expressed similar views.
Panna diamonds shine more than African diamonds. Hence jewellery made of Panna diamonds has extra glitter.
217 diamonds: In all, 217 diamonds of different size and categories will be kept for auction at Joint Collectorate Building in Panna. They are of gem, off colour and industrial category and weigh 367.03 carats. Their estimated cost is Rs 39,61,297. They were recovered from shallow mines of Panna.
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