Editor’s Note
A recent diamond auction in India’s Panna district sold only ₹94 lakh worth of diamonds, far below the expected ₹4 crore. Traders cite the Russia-Ukraine war and an international market slowdown as key factors. This shortfall highlights how global economic and geopolitical tensions are impacting local industries.
In a three-day diamond auction held in Panna district of Madhya Pradesh, diamonds worth only 94 lakh rupees were sold. According to diamond traders, the major reasons are the Russia-Ukraine war and a slowdown in the international market. It is reported that sales of around 4 crore rupees worth of diamonds were expected from this auction.
Even during Diwali, the diamond market lacked its usual sparkle as the auction did not meet expectations. Panna Diamond Officer Ravi Patel cited a slowdown in the international market as the reason, with the Russia-Ukraine war being a major contributing factor. In the auction held at the joint collectorate of Panna district for three days, only 58.85 carats of diamonds worth 9,487,59 rupees were sold.
Before the diamond auction, it was hoped that the auction would reach around 4 crore rupees. The auction included 204 diamonds of bright, dull, and industrial varieties, with a total weight of 336.65 carats. However, over the three-day auction, diamonds worth 2,47,526 rupees were sold on the first day, 49,37,834 rupees on the second day, and only 20,63,399 rupees on the final day.
Diamond traders from Gujarat, Rajasthan, and Maharashtra came to participate in this auction. Local traders also took part. All the major diamonds have been moved to pending status due to not receiving the highest bids.
These diamonds will now be kept for the next auction in three months. Local diamond trader Bhupendra Singh stated that a period of slowdown is currently being observed in the international market.
Mumbai-based diamond trader Kamlesh Jadia explained that a slowdown is being seen in the diamond trade due to the polishing of diamonds.
(Report – DK Sharma)
