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.
