Editor’s Note
This article examines the sharp rise in gem prices in Uttar Pradesh, driven by supply chain disruptions following Sri Lanka’s economic crisis. Beyond market dynamics, it highlights how inflation is impacting cultural and personal beliefs tied to these precious stones.
Gems are believed to change people’s fortunes. However, inflation has now cast a shadow over this as well. Following the economic downturn in Sri Lanka, the prices of gems have not only doubled but have also become difficult to obtain.
Sri Lanka is currently grappling with economic hardship. However, Sri Lanka’s economic recession will also impact your ‘planetary positions’ (Grah Dasha). The reason is that gem imports from Lanka have stopped by 80 percent. This is going to affect your planets and constellations. The import ban has had a major impact on the Indian gem market. Prices have surged by up to 25 percent. Due to high demand and very low supply, a black market for gems has started. The most in-demand gems in the market have become expensive, and the market has become short.
Over the past four decades, Sri Lanka has emerged as a major producer of gems and minerals. Around 75 types of gems are available in Lanka. Topaz, coral, sapphire, ruby, emerald, and many such gems are no longer arriving. The importance of these in Lanka can be gauged from the fact that these precious minerals contribute significantly to its economy. Over 200,000 people are involved in the gem business across 3,000 manufacturing units.
Sri Lankan gems are considered to be of the best quality in the world. Its corundum (gemstones of the coral group) and sapphires are considered the finest globally. There is also advanced booking for yellow sapphire, blue sapphire, and rubies. The gem and jewelry trade from Sri Lanka is worth over 140 million dollars (about 1000 crore rupees). After the economic crisis, gem imports have ended by 80 percent.
— Rakesh Goyal, Member, UP Sarafa Association
Corona had also impacted gems. Gem trader Dr. Saurabh Shukla explained that the trust of people in crisis in gems has increased significantly. Such people wear gems on the advice of astrologers. Corona attacked the lungs, heart, kidneys, liver, throat, and eyes in the form of black fungus the most. Astrologers suggest wearing different gems for diseases of these organs.
