Editor’s Note
The article highlights the economic pressures facing Jaipur’s historic gemstone market at Nawab Square, a key global hub for the trade. As traders confront a significant downturn, the story examines the challenges and broader implications for this centuries-old industry.
The unique gemstone market at Nawab Square in Jaipur is battling recession these days. This has led the traders to get worried. The Pink City, as Jaipur is known, has a unique place among the cities known for jewels and gemstone trade. People from many countries come to Jaipur to trade precious gems. The business here runs into crores of rupees every day.
– Gemstone trader Mohammad Asif
– Another trader, Mohammad Ibrahim
At the same time, there are lakhs of people who are connected to the jewellery trade both within Jaipur’s walls and also on its outskirts. The jewellery market at Nawab Square near the capital’s Ghat Gate is active for two hours every day from Monday to Saturday, where traders can be seen at work from 5 PM to 7 PM. Jewellers from Jaipur and surrounding areas come to this market with their wares to buy and sell. It is a very crowded area, and the market stretches for approximately half a kilometre along both sides of the road. This area is amongst the busiest zones of the city from 5 PM to 7 PM.
One of its unique aspects is that there are no shops or showrooms here, and the entire trading and transaction is done while standing. Gemstones ranging from Rs 50 to Rs 1 lakh are available here.
Ibrahim disclosed, “This market has been going on at Nawab’s Square for about 30 years. Earlier, it used to be at Johari Bazaar, but due to the heavy crowd there, the administration shifted this market from there to Nawab’s Square.”
Historians say that when Mirza Raja Jai Singh II brought various skilled artisans to Jaipur at the time the city’s foundation was laid and settled them there. Jewellers from other states were also brought to Jaipur. Since then, the jewellery industry has flourished in the Pink City. Previously, this trade was confined to the four walls of Jaipur, but now it has also extended to the outskirts of Jaipur. Precious stones are exported from here to many countries around the world.
One of the businessmen, Mohsin, related, “This market sells precious gemstones like emerald, sapphire, ruby, topaz, onyx, agate, tanzanite, coral, and lapis. Other gemstones are also available. Prices are determined by their quality. Good quality fetches a good price while poor quality leads to poor prices.”
Those dealing in gemstones say that the trade is based solely on trust as the goods are visually inspected while standing, and then the price is immediately negotiated. There are no receipts for sales and purchases.