The Hindu

Udupi, Feb 8: Kaushik S. Sanghvi, Managing Director of Mahavir Gems, Mumbai, said on Saturday that 90 per cent of diamonds sold in the world are cut and polished in India.

He was speaking at the inauguration of a seminar on “Understanding diamonds” organised by the Manipal Institute of Jewellery Management here.

Mr. Sanghvi said that India was the first region in the world where diamonds were mined in 1000 A.D.

The first diamond mine was in Golconda. Even people in ancient times knew how to cut and polish diamonds. “India is the third largest consumer of polished diamonds after the U.S. and Japan,” he said.

Stating that people were now more cautious while buying diamonds, he said that buyers were insisting on certificates and test reports. Students should keep updating their knowledge of gems and diamonds, Mr. Sanghvi said.

Managing Director of Kunhikannan Jewellery Gold House, Kannur, C.V. Ravindranath said that according to a survey, gold prices had increased by 15 per cent a year in the past few decades. This trend was expected to continue for the next 35 years, he said.

While people in the West did not purchase gold in large quantities, western governments were purchasing gold in bulk because of fluctuations in dollar rates and fears of a crash in dollar value.

Director of the institute M.M. Shanbhag welcomed the gathering. Registrar of Manipal University G.K. Prabhu presided over the inaugural function.