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.
LGDs have 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 grown diamond cost is between Rs 15000 to Rs 20,000 per carat. The lab growing diamonds are being used in artificial jewellery.
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.
One of the officers of Panna diamond office said that diamond demand has become less and henceforth the takers are now few. Satendra Jadia, a diamond trader of Panna, said 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.
Source: FREE PRESS JOURNAL
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