Bhopal (Madhya Pradesh): The Panna diamond market is bleeding for the third consecutive year as the international demand of diamonds has almost reached to naught. Even as the diamond rates have crashed to the historic low, the diamond sellers of Panna are struggling to sell off their diamond stock.
Even the diamond office run by government is having pendency of diamonds as they could not be sold out in the auction. As far as auction conducted by Panna diamond office is concerned then 64 pieces of diamond, weighing 111.45 carat, remained unsold this year.
In the year 2022-23, at least 139 pieces of diamonds, weighing 255.47 carat, remained pending during the auction. In year 2021-22, 68 pieces of diamonds, weighing 73.15 carat, remained unsold.
Notably, diamonds in Panna are either sold out at the auction conducted by diamond office or in open market of Panna. The diamond trader’s participates in the diamond auction, and then sells into the open market.
One of the officers of Panna diamond office told that diamond demand has become less and henceforth the takers are now few. Satendra Jadia, a diamond trader of Panna, told to the Free Press that the diamond market is passing through the worst phase. It is becoming a herculean task to sell off the stock of diamonds. The ongoing wars between some countries have adversely impacted the international demand of diamonds. Now the export of diamond has come to a naught.
Moreover, the lab growing diamonds have also eaten up the diamond market as they are far cheaper than the original diamond. The original diamond cost around Rs 2.5 lakh to Rs 3 lakh per carat while lab growing diamond cost is between Rs 15000 to Rs 20,000 per carat. The lab growing diamonds are being used in artificial jewelleries.
Naresh Jain, another prominent diamond trader of Panna, told that diamond excavated from the shallow mines of Panna have huge demand in countries such as America, Israel, Russia etc. The shining stone was routed to these countries via the diamond market of Surat in Gujarat. However, ongoing war between Russia and Ukraine, Israel and Palestine and cold war among some other countries have impacted the diamond market adversely.
However, now the situation has reversed and it is becoming more difficult to sell the diamonds. Now traders from Gujarat and other big places of country are desisting from visiting Panna.
Even if they come then they wants to buy the diamond at throw away price. “ It is from last three years that diamond prices are going down gradually. Now they have hit the historic lowest level,” he claimed.