Traders of India's diamond hub Surat city, in Prime Minister, Narendra Modi's home state Gujarat, are claiming a steep fall in the export of the polished precious stones owing to the ongoing US-China trade war.

India's diamond traders claim drop in exports due to US-China trade war

While fashion has no bounds, a Mumbai-based optometrist is making contact lenses out of pure gold, silver and diamond. The never seen before trend comes at an exorbitant price but the glitterati of Mumbai are eager to sport dazzling gold eyes.

Dr Chandrashekhar Chawan has received a patent for the gold, silver, diamond lenses. And he has been selling these abroad as well.

He filed for the patent from India. So, he is the only one who introduced the lenses to India and overseas.&nbsp;

Customers have so far haven't complained of any discomfort as the gold does not touch the sensitive eye tissue.

Dr&nbsp;Chawan&nbsp;also makes designer lenses for Bollywood movies.

Mrunal Gaikwad, a model based out of Mumbai said, "I have been using the gold contact lenses for four years and I love how they look on me, without any safety issues."

India is the world's second-biggest consumer of gold. Be it for weddings or investment, the golden metal is an invaluable commodity for millions of people in Asia's third-largest economy.&nbsp;

While many have adapted gold in the form of jewellery, clothing to even tooth implants, fashionistas in Mumbai are taking it a notch higher.

The latest to pick trend are gold plated, diamond studded contact lenses.&nbsp;

Dr Chawan has invented these gold plated contact lenses that use a very minimum amount of gold nanoparticles of 24 carats in a specialised paste form and is surface coated on soft lenses with an extra layer of ''Tetrafilcon A'' to set it together.

Prices for these sparkling contact lenses go up to $11,000.&nbsp;

"Indians love gold tremendously and on every social occasion, they wear gold jewellery. I wanted to put the glitter of gold in the eyes of India and so invented, Golden View. I believe this is a great fashion statement," said Dr Chawan.&nbsp;

Customers can opt for gold, silver, diamond studs or even customize patterns to bring the desired sparkle to the eye.

For anybody who wears regular cosmetic contact lenses, these designer soft contacts can be the next big thing.&nbsp;

While fashion has no bounds, a Mumbai-based optometrist is making contact lenses out of pure gold, silver and diamond. The never seen before trend comes at an exorbitant price but the glitterati of Mumbai are eager to sport dazzling gold eyes.

While fashion has no bounds, a Mumbai-based optometrist is making contact lenses out of pure gold, silver and diamond. The never seen before trend comes at an exorbitant price but the glitterati of Mumbai are eager to sport dazzling gold eyes. Dr Chandrashekhar Chawan has received a patent for the gold, silver, diamond lenses. And he has been selling these abroad as well. He filed for the patent from India. So, he is the only one who introduced the lenses to India and overseas. Customers have so far haven't complained of any discomfort as the gold does not touch the sensitive eye tissue. Dr Chawan also makes designer lenses for Bollywood movies. Mrunal Gaikwad, a model based out of Mumbai said, "I have been using the gold contact lenses for four years and I love how they look on me, without any safety issues." India is the world's second-biggest consumer of gold. Be it for weddings or investment, the golden metal is an invaluable commodity for millions of people in Asia's third-largest economy. While many have adapted gold in the form of jewellery, clothing to even tooth implants, fashionistas in Mumbai are taking it a notch higher. The latest to pick trend are gold plated, diamond studded contact lenses. Dr Chawan has invented these gold plated contact lenses that use a very minimum amount of gold nanoparticles of 24 carats in a specialised paste form and is surface coated on soft lenses with an extra layer of ''Tetrafilcon A'' to set it together. Prices for these sparkling contact lenses go up to $11,000. "Indians love gold tremendously and on every social occasion, they wear gold jewellery. I wanted to put the glitter of gold in the eyes of India and so invented, Golden View. I believe this is a great fashion statement," said Dr Chawan. Customers can opt for gold, silver, diamond studs or even customize patterns to bring the desired sparkle to the eye. For anybody who wears regular cosmetic contact lenses, these designer soft contacts can be the next big thing.

For your eyes only - Patented gold, silver & diamond contact lenses

Nizams of Hyderabad's Jacob diamond on display: Single gemstone weighs 184.75 carats

The "Pink Legacy", a diamond weighing just under 19 carats, fetched a record 50.375 million Swiss francs ($50 million), purchased by US-based luxury jeweller Harry Winston, Christie's said on Tuesday.

Harry Winston, owned by Swatch&nbsp;whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek, promptly renamed it "The Winston Pink Legacy", adding it to its collection of rare jewels, the auction house said.

The semi-annual Geneva jewellery sale netted $110 million, with 86 per cent of lots finding new owners, including 11 that brought more than $1 million, Francois Curiel, chairman of Christie's luxury group told reporters.

"The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat which is a world record price for a pink diamond," Curiel, who is also a jewel expert, said. "This stone for me is the Leonardo Da Vinci of diamonds, I don't think there is anything better."

Graded "vivid", the highest rating for a pink diamond's colour, the gem is internally pure with a rectangular cut, and mounted on a platinum ring.

Once owned by the Oppenheimer Family, who built De Beers into the world's biggest diamond trader, the diamond had a pre-sale estimate of $30 to $50 million. The identity of the seller was not disclosed.

Vivid coloured diamonds are the most strongly saturated gems, displaying the optimum hue of the stone. Most pink diamonds of this colour weigh less than one carat, the auction house said.

There were at least five people bidding by phone for the pink stone, but the winning bidder was a Harry Winston representative sitting in the front row, Curiel said.

An important Asian collector was the direct under-bidder, Rahul Kadakia, international head of Jewelry at Christie's told reporters.

"The stone is now going to be known as Pink Legacy Diamond which Mrs Hayek is thrilled to own. In 2013 they made their first important purchase after acquiring Winston, which was the 101 carat 'D' flawless diamond, which they named the Winston Legacy. With that stone they started the Legacy collection," he said.

The "Pink Legacy", a diamond weighing just under 19 carats, fetched a record 50.375 million Swiss francs ($50 million), purchased by US-based luxury jeweller Harry Winston, Christie's said on Tuesday.

The "Pink Legacy", a diamond weighing just under 19 carats, fetched a record 50.375 million Swiss francs ($50 million), purchased by US-based luxury jeweller Harry Winston, Christie's said on Tuesday. Harry Winston, owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek, promptly renamed it "The Winston Pink Legacy", adding it to its collection of rare jewels, the auction house said. The semi-annual Geneva jewellery sale netted $110 million, with 86 per cent of lots finding new owners, including 11 that brought more than $1 million, Francois Curiel, chairman of Christie's luxury group told reporters. "The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat which is a world record price for a pink diamond," Curiel, who is also a jewel expert, said. "This stone for me is the Leonardo Da Vinci of diamonds, I don't think there is anything better." Graded "vivid", the highest rating for a pink diamond's colour, the gem is internally pure with a rectangular cut, and mounted on a platinum ring. Once owned by the Oppenheimer Family, who built De Beers into the world's biggest diamond trader, the diamond had a pre-sale estimate of $30 to $50 million. The identity of the seller was not disclosed. Vivid coloured diamonds are the most strongly saturated gems, displaying the optimum hue of the stone. Most pink diamonds of this colour weigh less than one carat, the auction house said. There were at least five people bidding by phone for the pink stone, but the winning bidder was a Harry Winston representative sitting in the front row, Curiel said. An important Asian collector was the direct under-bidder, Rahul Kadakia, international head of Jewelry at Christie's told reporters. "The stone is now going to be known as Pink Legacy Diamond which Mrs Hayek is thrilled to own. In 2013 they made their first important purchase after acquiring Winston, which was the 101 carat 'D' flawless diamond, which they named the Winston Legacy. With that stone they started the Legacy collection," he said.

Video: Harry Winston jeweller buys 'Pink Legacy' diamond for record $50 million

The 108-carat Kohinoor diamond was "surrendered" by the Maharaja of Lahore to the Queen of England and "not handed over" to the British nearly 170 years ago, the Archaeological Survey of India (ASI) said in reply to an RTI query by a Ludhiana-based activist.

Incidentally, the written response from ASI, dated October 10, is divergent from the Centre's version in the Supreme Court in April 2016.

The Kohinoor diamond, estimated to cost over US $200 million, was neither stolen nor "forcibly" taken by British rulers but given to East India Company by erstwhile rulers of Punjab, the government had told the top court.

Rohit Sabharwal Tuesday said he had filed an RTI query about a month ago, seeking the answer from the Prime Minister's Office (PMO). "I did not know that the query was forwarded to the ASI, which eventually responded to the query."

"As per the records kept in the National Archives of India, New Delhi... the Lahore treaty held between Lord Dalhousie and Maharaja Duleep Singh in 1849, Kohinoor diamond was surrendered by the Maharaja of Lahore to the Queen of England," according to the reply.

Kohinoor, which means 'Mountain of Light', is a large, colourless diamond that was found in Southern India in early 14th century. The precious gem, which came into British hands during the colonial era, is the subject of a historic ownership dispute and claimed by at least four countries, including India.

The 108-carat Kohinoor diamond was "surrendered" by the Maharaja of Lahore to the Queen of England and "not handed over" to the British nearly 170 years ago, the Archaeological Survey of India (ASI) said in reply to an RTI query by a Ludhiana-based activist.

The 108-carat Kohinoor diamond was "surrendered" by the Maharaja of Lahore to the Queen of England and "not handed over" to the British nearly 170 years ago, the Archaeological Survey of India (ASI) said in reply to an RTI query by a Ludhiana-based activist. Incidentally, the written response from ASI, dated October 10, is divergent from the Centre's version in the Supreme Court in April 2016. The Kohinoor diamond, estimated to cost over US $200 million, was neither stolen nor "forcibly" taken by British rulers but given to East India Company by erstwhile rulers of Punjab, the government had told the top court. Rohit Sabharwal Tuesday said he had filed an RTI query about a month ago, seeking the answer from the Prime Minister's Office (PMO). "I did not know that the query was forwarded to the ASI, which eventually responded to the query." "As per the records kept in the National Archives of India, New Delhi... the Lahore treaty held between Lord Dalhousie and Maharaja Duleep Singh in 1849, Kohinoor diamond was surrendered by the Maharaja of Lahore to the Queen of England," according to the reply. Kohinoor, which means 'Mountain of Light', is a large, colourless diamond that was found in Southern India in early 14th century. The precious gem, which came into British hands during the colonial era, is the subject of a historic ownership dispute and claimed by at least four countries, including India.

Kohinoor 'surrendered', not stolen: Archaeological Survey of India

From the outside, Number 2 Hoveniersstraat Street in Antwerp is a nondescript office block. Only the clusters of businessmen speaking in Gujarati on their mobile phones or with each other, give any indication of the hive of activity inside. In the lobby, streams of people shuttle back and forth through the electronic barriers while a queue of visitors waits to have their photo taken and their fingerprints scanned in order to receive a temporary ID card. The business is diamonds. It is a scene repeated elsewhere in the city, and it represents the remarkable and growing dominance of the Indian diaspora in a famous local industry.

As you look along the names on the office doors, what is striking are the names. Whereas a generation ago, the vast majority of them were Jewish, today, a significant majority are of Indian, and in particular, Gujarati origin. Names like Mehta and Patel are particularly common. Indeed, while the orthodox Jewish presence in Antwerp is still highly visible, the numbers have dwindled over time, as a new generation of young and dynamic entrepreneurs from the Gujarat have displaced them. It has been unexpected, so what is the secret to their success?

The diamond industry cannot enforce written contracts &ndash; diamonds are easily portable, universally valuable and virtually untraceable, and state courts are incapable of enforcing executory contracts for diamond sales. It operates on credit, relies on trust, and hence favours tightly knit community and family-based business networks. The Orthodox Jewish community in Antwerp had long relied on the effective social control mechanisms of their community in order to ensure trust, with anyone seeking to cheat seeing their reputation and hence ability to do business quickly destroyed. Gujarati business communities operate along similar lines, with strong family networks and a high incidence of marriage within their ethnic group. In the Gujarati case however, an additional source of community cohesion, support and solidarity comes from their caste community.

Building from the bottom

My interviews with Gujarati traders show that beginning in the 1960s, the first Gujaratis, from the Jain community and known as Palanpuri Jains, from the area of Palanpur in Gujarat, began to arrive in Antwerp, the world&rsquo;s biggest trading hub for rough diamonds. The Palanpuri Jains are a historic &ldquo;business community&rdquo; in India that has traditionally engaged in trade and hence their first foray into Antwerp was one based on capital and prior experience on the polishing side of the diamond trade in India.

The Gujarati Jains took advantage of two key factors to enter into the closed world of Antwerp&rsquo;s diamond industry: they started to specialise in smaller, lower-value stones, and used the cheap labour and excellent skill of Surat&rsquo;s diamond cutters and polishers to produce diamonds that had larger market potential. Thus, Gujaratis were able, as one trader put it: &ldquo;to polish in rupees and sell in dollars&rdquo;.

These two factors, along with others, such as initially buying from source and offering longer buying periods on credit in order to undercut the competition, enabled the Gujaratis to gain a foothold in Antwerp. Many of the early traders also mention English as the international language of diamonds further facilitating their entry into the field.

This foothold has now expanded to such an extent, that in the latest elections to the Antwerp World Diamond Centre in 2012, five out of the six representatives elected to the board were Gujarati. In 2014, a Gujarati businessman was nominated vice president.

Dynasty

However, when we speak about Gujaratis in the diamond industry in Antwerp, we are in fact referring to just two communities which have come to dominate the trade &ndash; the Palanpuri Jains and the Katiawadi Patels. The latter are a community that in just one generation has distinguished itself with a dizzying rate of social mobility. The Katiawadi Patels were once agricultural labourers who moved to Surat (Gurjarat&rsquo;s diamond polishing centre), in order to escape drought. They started off as cutters and polishers, but quickly moved up the ranks and over time accumulated enough capital to open their own factories. They were able to use their contacts with Palanpuri Jains in order to first establish themselves in Antwerp. Once they did, they rapidly expanded and now rival the Jain Gujarati traders there.

Although the Patels did not arrive with the same level of financial capital as the Jains, their control of diamond polishing in Surat means that their climb within the industry is secure, and indeed will continue to grow with time. Currently, most factory owners and managers in Surat are Patel, with workers now coming from other states. In contrast to the Jains, whose sons have more business opportunities available to them, the sons of the Patels, who rely more heavily on diamonds, continue to enter into the diamond business in large numbers, starting from a young age to visit their fathers&rsquo; offices to learn the trade. The growing prominence of the Katiawadi Patel community has led to tension in India&acute;s diamond trading centre of Mumbai. In a recent hotly contested decision to move operations to Surat, where rent is cheaper, the diamond community was divided between the Palanpuri Jains, who prefer to remain in Mumbai, versus the Patels who pushed strongly to shift to Surat.

<figure class="align-left zoomable"><a href="https://images.theconversation.com/files/61534/original/xkfhg8k4-1413204078.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img alt="" src="https://images.theconversation.com/files/61534/original/xkfhg8k4-1413204078.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" /></a>

<figcaption>
Modi presses the flesh in DC. <a class="source" href="https://www.flickr.com/photos/speakerboehner/15224182070/in/photolist-nomtk8-oUoSsc-oUEyAn-oUCEHU-nGb7MK-bDAXVB-pbB5FQ-pt6KxR-pv25px-pbBRJx-pr4QnN-nY7uCq-ofzgbv-odxg1s-nExNwv-nb79JP-nb7tLz-nb7u74-nb7uva-nvj26p-ndPvyA-nmYMyV-pysv9V-oStUFZ-nbENeg-jcNm8u-6it5AR-pciUVL-nKRfzm-p9exDT-pqsq1M-p9ex5M-eLPE2i-jcKxHM-ooJ1pp-nKH9T5-nKRfTN-eM1ZdQ-ntrMMv-fSjRg9-mZPYSr-nHZC1W-nKRFA1-nHRbhh-ntoWeg-ntp17A-nKRhB7-nKTAGx-nKAwbt-nMF5XT">Speaker John Boehner</a>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/">CC BY</a>

The Gujarati-dominated diamond industry has recently been receiving more attention from one of their own, India&rsquo;s new PM Narendra Modi. The 2014 budget passed by the Indian government gave a strong fillip to the diamond industry in the region, by raising custom duties on the import of polished and semi-polished stones, which will protect local polishing jobs (the diamond industry employs 500,000 people in Gujarat). The Modi government has also recently announced that it will be building a fast train linking Mumbai to Ahmedabad, which will cut the current travel time of seven hours to just over two hours. Gujarati traders in Antwerp eagerly await a visit from Modi, in whom they have invested high hopes for boosting the diamond industry. Although based in Antwerp, the diamond business is intricately linked to the Indian economy, immediately affected by Indian policy, and frequently connected to transnational family businesses that span multiple continents. The industry faces a number of challenges, from growing competition from the internet and from China/Hong Kong, to the rise of synthetic diamonds, and the decision by De Beers, the largest company by revenue, to move the sorting and trading of rough stones from London to Botswana.

However, in order to continue to shine, both Gujarati communities would do well to look towards a group that is currently completely overlooked in the diamond business: women. Daughters are not encouraged to enter the diamond trade, with many traders claiming that they are simply &ldquo;not interested&rdquo;, and the few that do, are not taken seriously and consequently drop out when they get married. The diamond industry in Antwerp is currently even more male dominated than most national armies. By not cultivating the talent and skills of their daughters, Gujaratis are losing out on even more sparkle.

&nbsp;
</figcaption>
</figure>

This article was originally published on <a href="http://theconversation.com" rel="nofollow" target="blank">The Conversation</a>. Read the <a href="https://theconversation.com/the-rise-and-rise-of-belgiums-indian-diamond-dynasties-32332" rel="nofollow" target="blank">original article</a>.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp; &nbsp;

Although based in Antwerp, the diamond business is intricately linked to the Indian economy, immediately affected by Indian policy, and frequently connected to transnational family businesses that span multiple continents.

From the outside, Number 2 Hoveniersstraat Street in Antwerp is a nondescript office block. Only the clusters of businessmen speaking in Gujarati on their mobile phones or with each other, give any indication of the hive of activity inside. In the lobby, streams of people shuttle back and forth through the electronic barriers while a queue of visitors waits to have their photo taken and their fingerprints scanned in order to receive a temporary ID card. The business is diamonds. It is a scene repeated elsewhere in the city, and it represents the remarkable and growing dominance of the Indian diaspora in a famous local industry. As you look along the names on the office doors, what is striking are the names. Whereas a generation ago, the vast majority of them were Jewish, today, a significant majority are of Indian, and in particular, Gujarati origin. Names like Mehta and Patel are particularly common. Indeed, while the orthodox Jewish presence in Antwerp is still highly visible, the numbers have dwindled over time, as a new generation of young and dynamic entrepreneurs from the Gujarat have displaced them. It has been unexpected, so what is the secret to their success? The diamond industry cannot enforce written contracts – diamonds are easily portable, universally valuable and virtually untraceable, and state courts are incapable of enforcing executory contracts for diamond sales. It operates on credit, relies on trust, and hence favours tightly knit community and family-based business networks. The Orthodox Jewish community in Antwerp had long relied on the effective social control mechanisms of their community in order to ensure trust, with anyone seeking to cheat seeing their reputation and hence ability to do business quickly destroyed. Gujarati business communities operate along similar lines, with strong family networks and a high incidence of marriage within their ethnic group. In the Gujarati case however, an additional source of community cohesion, support and solidarity comes from their caste community. Building from the bottom My interviews with Gujarati traders show that beginning in the 1960s, the first Gujaratis, from the Jain community and known as Palanpuri Jains, from the area of Palanpur in Gujarat, began to arrive in Antwerp, the world’s biggest trading hub for rough diamonds. The Palanpuri Jains are a historic “business community” in India that has traditionally engaged in trade and hence their first foray into Antwerp was one based on capital and prior experience on the polishing side of the diamond trade in India. The Gujarati Jains took advantage of two key factors to enter into the closed world of Antwerp’s diamond industry: they started to specialise in smaller, lower-value stones, and used the cheap labour and excellent skill of Surat’s diamond cutters and polishers to produce diamonds that had larger market potential. Thus, Gujaratis were able, as one trader put it: “to polish in rupees and sell in dollars”. These two factors, along with others, such as initially buying from source and offering longer buying periods on credit in order to undercut the competition, enabled the Gujaratis to gain a foothold in Antwerp. Many of the early traders also mention English as the international language of diamonds further facilitating their entry into the field. This foothold has now expanded to such an extent, that in the latest elections to the Antwerp World Diamond Centre in 2012, five out of the six representatives elected to the board were Gujarati. In 2014, a Gujarati businessman was nominated vice president. Dynasty However, when we speak about Gujaratis in the diamond industry in Antwerp, we are in fact referring to just two communities which have come to dominate the trade – the Palanpuri Jains and the Katiawadi Patels. The latter are a community that in just one generation has distinguished itself with a dizzying rate of social mobility. The Katiawadi Patels were once agricultural labourers who moved to Surat (Gurjarat’s diamond polishing centre), in order to escape drought. They started off as cutters and polishers, but quickly moved up the ranks and over time accumulated enough capital to open their own factories. They were able to use their contacts with Palanpuri Jains in order to first establish themselves in Antwerp. Once they did, they rapidly expanded and now rival the Jain Gujarati traders there. Although the Patels did not arrive with the same level of financial capital as the Jains, their control of diamond polishing in Surat means that their climb within the industry is secure, and indeed will continue to grow with time. Currently, most factory owners and managers in Surat are Patel, with workers now coming from other states. In contrast to the Jains, whose sons have more business opportunities available to them, the sons of the Patels, who rely more heavily on diamonds, continue to enter into the diamond business in large numbers, starting from a young age to visit their fathers’ offices to learn the trade. The growing prominence of the Katiawadi Patel community has led to tension in India´s diamond trading centre of Mumbai. In a recent hotly contested decision to move operations to Surat, where rent is cheaper, the diamond community was divided between the Palanpuri Jains, who prefer to remain in Mumbai, versus the Patels who pushed strongly to shift to Surat. Modi presses the flesh in DC. Speaker John Boehner, CC BY The Gujarati-dominated diamond industry has recently been receiving more attention from one of their own, India’s new PM Narendra Modi. The 2014 budget passed by the Indian government gave a strong fillip to the diamond industry in the region, by raising custom duties on the import of polished and semi-polished stones, which will protect local polishing jobs (the diamond industry employs 500,000 people in Gujarat). The Modi government has also recently announced that it will be building a fast train linking Mumbai to Ahmedabad, which will cut the current travel time of seven hours to just over two hours. Gujarati traders in Antwerp eagerly await a visit from Modi, in whom they have invested high hopes for boosting the diamond industry. Although based in Antwerp, the diamond business is intricately linked to the Indian economy, immediately affected by Indian policy, and frequently connected to transnational family businesses that span multiple continents. The industry faces a number of challenges, from growing competition from the internet and from China/Hong Kong, to the rise of synthetic diamonds, and the decision by De Beers, the largest company by revenue, to move the sorting and trading of rough stones from London to Botswana. However, in order to continue to shine, both Gujarati communities would do well to look towards a group that is currently completely overlooked in the diamond business: women. Daughters are not encouraged to enter the diamond trade, with many traders claiming that they are simply “not interested”, and the few that do, are not taken seriously and consequently drop out when they get married. The diamond industry in Antwerp is currently even more male dominated than most national armies. By not cultivating the talent and skills of their daughters, Gujaratis are losing out on even more sparkle. This article was originally published on The Conversation. Read the original article. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Nirav Modi and Antwerp's Indian diamond dynasties

An enormous oval-shaped diamond named the Pink Promise&nbsp;is set to be auctioned at Christie&#39;s in Hong Kong, with an eye-watering US $42 million price tag.

A 14.93-carat pink gemstone forms the centre-piece of the diamond-studded ring.&nbsp;

&nbsp;A Christie&#39;s spokesman said it was one of the most important pink diamonds ever to be sold because of its colour and clarity.&nbsp;

&quot;The rarity of pink diamond makes it so valuable,&quot; Fung Chiang of Christie&#39;s jewellery department told AFP.

&quot;For diamond production every year, we are talking about less than two per cent (for) coloured diamonds,&quot; Chiang said, adding that not every piece shares the same beautiful&nbsp;colour.

Researchers still do not fully understand the exact structural defect&nbsp;that causes the appealing pink hues, the auction house added in a statement Wednesday.

The ring will go under the hammer on November 28 in Hong Kong.

An ongoing anti-corruption drive in mainland China has done little to dent feverish bidding in Hong Kong&#39;s auction houses.

A 1,000-year-old bowl from China&#39;s Song Dynasty sold at auction house Sotheby`s to an anonymous bidder for $37.7 million in the city last month, breaking the record for Chinese ceramics.

The small piece -&nbsp;which dates from 960-1127 -&nbsp;stole the previous record of $36.05 million set in 2014 for a Ming Dynasty wine cup which was snapped up by a

Shanghai tycoon famous for making eye-watering bids.

Earlier this year, a giant diamond named the Pink Star&nbsp;broke the world record for a gemstone sold at auction when it fetched $71.2 million at Sotheby&#39;s.

The 59.60-carat rock was sold to the city&#39;s Chow Tai Fook jewellery chain which has a strong presence across East Asia.

Hong Kong tycoon Joseph Lau, who was convicted of bribery in Macau in 2015, made waves that year when he spent $48.4 million on a 12.03-carat diamond for his then-seven-year-old daughter at Sotheby&#39;s in Geneva.&nbsp;

The purchase came a day after he scooped up a 16.08-carat pink diamond for a comparatively modest $28.5 million at Christie&#39;s.

?A Christie`s spokesman said it was one of the most important pink diamonds ever to be sold because of its color and clarity.?

An enormous oval-shaped diamond named the Pink Promise is set to be auctioned at Christie's in Hong Kong, with an eye-watering US $42 million price tag. A 14.93-carat pink gemstone forms the centre-piece of the diamond-studded ring. A Christie's spokesman said it was one of the most important pink diamonds ever to be sold because of its colour and clarity. "The rarity of pink diamond makes it so valuable," Fung Chiang of Christie's jewellery department told AFP. "For diamond production every year, we are talking about less than two per cent (for) coloured diamonds," Chiang said, adding that not every piece shares the same beautiful colour. Researchers still do not fully understand the exact structural defect that causes the appealing pink hues, the auction house added in a statement Wednesday. The ring will go under the hammer on November 28 in Hong Kong. An ongoing anti-corruption drive in mainland China has done little to dent feverish bidding in Hong Kong's auction houses. A 1,000-year-old bowl from China's Song Dynasty sold at auction house Sotheby`s to an anonymous bidder for $37.7 million in the city last month, breaking the record for Chinese ceramics. The small piece - which dates from 960-1127 - stole the previous record of $36.05 million set in 2014 for a Ming Dynasty wine cup which was snapped up by a Shanghai tycoon famous for making eye-watering bids. Earlier this year, a giant diamond named the Pink Star broke the world record for a gemstone sold at auction when it fetched $71.2 million at Sotheby's. The 59.60-carat rock was sold to the city's Chow Tai Fook jewellery chain which has a strong presence across East Asia. Hong Kong tycoon Joseph Lau, who was convicted of bribery in Macau in 2015, made waves that year when he spent $48.4 million on a 12.03-carat diamond for his then-seven-year-old daughter at Sotheby's in Geneva. The purchase came a day after he scooped up a 16.08-carat pink diamond for a comparatively modest $28.5 million at Christie's.

Hong Kong set to auction $42 million 'Pink Promise' diamond

By Aimen Zaki

The second largest rough diamond could not be sold at a London auction this week. The mining company from Canada, Lucara Diamond Corp. discovered world&#39;s second largest rough diamond &lsquo;Lesedi La Rona&rsquo; in 2015.

The &quot;Lesedi La Rona&quot;&nbsp;diamond is&nbsp;one of the greatest finds in history as it is only preceded by&nbsp;world&#39;s largest diamond&nbsp;- the Cullinan.

Although, &#39;&#39;Sergio&quot;&nbsp;is said to be the largest rough diamond in the world but it is in the form of Carbonado, also known as black diamond. Hence, when Cullinan diamond was discovered on 26th January 1905, it became the world&#39;s largest gem quality (non-carbonado) rough diamond. The diamond weighed 3,106.75 carats (9621.35 g) and was unearthed by Premier Diamond Mining Company Ltd.

The Cullinan diamond was later cut by Asscher brothers from the Royal Asscher Diamond Company. Joseph Asscher cleaved the entire stone into nine parts named Cullinan I to Cullinan IX ranging in&nbsp;different shapes and sizes.

The Cullinan diamond was presented to King Edward VII of UK on his 66th birthday and its polished pieces have continued to stay in the Royal family ever since.

Currently, Queen Elizabeth II has the Cullinan I (weighing 530.20 carats) embedded in the Imperial state crown which is also the largest among all the other Cullinan diamonds.

The pink diamond broke the world record for a gemstone sold at an&nbsp;auction in April after it fetched $71.2 million in Hong Kong.

The<a href="http://www.wionews.com/world/pink-star-diamond-fetches-record-712-million-in-auction-14170"> 59.60-carat &quot;Pink Star&quot; is the largest in its class ever graded by the Gemological Institute of America (GIA)</a>.&nbsp;

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Nine diamonds cut from the rough Cullinan diamond. (Image source: Wikipedia) (Others)
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Cullinan and Lesedi La Rona both discovered in Southern Africa 
 
The two largest gem quality diamonds were discovered in South Africa&#39;s diamond mines. The Cullinan diamond came from the Premier mine of Gauteng in 1905, which was renamed as Cullinan Diamond Mine in 2003 to celebrate 100 years of the mine.&nbsp;

&quot;Lesedi La Rona&quot;&nbsp;was found in Karowe Mine in Botswana. Diamonds may be a girl&#39;s best friend but&nbsp;most of the world&#39;s best diamond are &nbsp;found in southern Africa.

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&quot;Lesedi La Rona&quot; was found in Karowe Mine in Botswana (Reuters)
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Diamonds are&nbsp;hard to sell in the market

Diamonds are a hard thing to sell at any auction due to their natural and uncut state. Most buyers are interested in getting&nbsp;polished and cut diamonds. A rough-gemstone will not attract many people due to its unkempt size and shape. Also, the gem cutting business is on the rise which directly affects the price of a rough diamond, making it cheaper in the market.

Fine cutting of any big diamond can take years and people don&#39;t want to waste their time and effort&nbsp;to go through the process.

The &quot;Lesedi La Rona&quot; diamond&nbsp;was taken back by the Canadian diamond company Lucara corporation after it failed to attract buyers. The diamond is 1,109 carats (221.8 grams) and is almost the size of a tennis ball. The Lesedi was priced at $61 million by Sotheby&#39;s&nbsp;but&nbsp;the company estimated&nbsp;its value to go up to&nbsp;$70 million.

As the company enjoys incredible fame due to its historical discovery, the rare Diamond House managing director Oded Mansori said that it would be a mistake for Lucara to hold on to the Lesedi.

&quot;Maybe next week, there will be a larger stone,&quot; Oded Mansori told Reuters.&nbsp; 
 
This directly points to the innovation in the field of mining technology that has completely changed over the last two-three decades.

While Lucara was lucky to be the&nbsp;first to unearth the heavy gem with its new X-ray transmission machines, other diamond companies with the same advanced technology are also in a&nbsp;similar race of extracting the high-value&nbsp;gems.

Lesedi La Rona?diamond is one of the greatest finds in history as it is only preceded by?world's largest diamond?- the Cullinan diamond.

By Aimen Zaki The second largest rough diamond could not be sold at a London auction this week. The mining company from Canada, Lucara Diamond Corp. discovered world's second largest rough diamond ‘Lesedi La Rona’ in 2015. The "Lesedi La Rona" diamond is one of the greatest finds in history as it is only preceded by world's largest diamond - the Cullinan. Although, ''Sergio" is said to be the largest rough diamond in the world but it is in the form of Carbonado, also known as black diamond. Hence, when Cullinan diamond was discovered on 26th January 1905, it became the world's largest gem quality (non-carbonado) rough diamond. The diamond weighed 3,106.75 carats (9621.35 g) and was unearthed by Premier Diamond Mining Company Ltd. The Cullinan diamond was later cut by Asscher brothers from the Royal Asscher Diamond Company. Joseph Asscher cleaved the entire stone into nine parts named Cullinan I to Cullinan IX ranging in different shapes and sizes. The Cullinan diamond was presented to King Edward VII of UK on his 66th birthday and its polished pieces have continued to stay in the Royal family ever since. Currently, Queen Elizabeth II has the Cullinan I (weighing 530.20 carats) embedded in the Imperial state crown which is also the largest among all the other Cullinan diamonds. The pink diamond broke the world record for a gemstone sold at an auction in April after it fetched $71.2 million in Hong Kong. The 59.60-carat "Pink Star" is the largest in its class ever graded by the Gemological Institute of America (GIA). Nine diamonds cut from the rough Cullinan diamond. (Image source: Wikipedia) (Others) × Cullinan and Lesedi La Rona both discovered in Southern Africa The two largest gem quality diamonds were discovered in South Africa's diamond mines. The Cullinan diamond came from the Premier mine of Gauteng in 1905, which was renamed as Cullinan Diamond Mine in 2003 to celebrate 100 years of the mine. "Lesedi La Rona" was found in Karowe Mine in Botswana. Diamonds may be a girl's best friend but most of the world's best diamond are found in southern Africa. "Lesedi La Rona" was found in Karowe Mine in Botswana (Reuters) × Diamonds are hard to sell in the market Diamonds are a hard thing to sell at any auction due to their natural and uncut state. Most buyers are interested in getting polished and cut diamonds. A rough-gemstone will not attract many people due to its unkempt size and shape. Also, the gem cutting business is on the rise which directly affects the price of a rough diamond, making it cheaper in the market. Fine cutting of any big diamond can take years and people don't want to waste their time and effort to go through the process. The "Lesedi La Rona" diamond was taken back by the Canadian diamond company Lucara corporation after it failed to attract buyers. The diamond is 1,109 carats (221.8 grams) and is almost the size of a tennis ball. The Lesedi was priced at $61 million by Sotheby's but the company estimated its value to go up to $70 million. As the company enjoys incredible fame due to its historical discovery, the rare Diamond House managing director Oded Mansori said that it would be a mistake for Lucara to hold on to the Lesedi. "Maybe next week, there will be a larger stone," Oded Mansori told Reuters. This directly points to the innovation in the field of mining technology that has completely changed over the last two-three decades. While Lucara was lucky to be the first to unearth the heavy gem with its new X-ray transmission machines, other diamond companies with the same advanced technology are also in a similar race of extracting the high-value gems.

Lesedi La Rona: World's second largest rough diamond too big to sell

India&nbsp;is seeking the participation of mining companies Rio Tinto and Anglo American&#39;s De Beers to explore for diamonds and gold, part of Prime Minister Narendra Modi&#39;s ambition to make the country a major mineral producer, the mines secretary said. 
 
Balvinder Kumar told Reuters on Monday that the&nbsp;Indian government will start to auction the rights to up to 70 diamond and gold exploration zones to mining companies this year. 
 
India&nbsp;stopped producing diamonds years ago and produces only a small amount of gold, although it is the world&#39;s second-biggest consumer of the yellow metal. Modi&nbsp;wants&nbsp;to revive the sector, with most of the exploration and production conducted by the private sector. 
 
The blocks that will go on sale are among 100 mineral zones identified by the state-run Geological Survey of&nbsp;India&nbsp;following an aerogeophysical assessment. 
 
&quot;We need resources to expand our mineral wealth and that&#39;s why we want private companies to carry out exploration of deep-seated minerals,&quot; Kumar said in an interview. &quot;So far we haven&#39;t been able to do detailed exploration, but this proposal is a win-win for all.&quot; 
 
However, he said diamond producer De Beers and Rio Tinto, which has already discovered a cluster of eight &quot;diamondiferous pipes&quot; in central&nbsp;India, have been cold to the latest exploration idea, citing high risks of failure. 
 
To allay those concerns, Kumar said the government will reimburse companies&#39; exploration costs if their blocks do not throw up commercially viable mineral reserves. 
 
The blocks, which each cover over 100 square kilometres, are located in the states of Madhya Pradesh, Chhattisgarh, Jharkhand and Rajasthan among others, Kumar said, adding it was difficult to estimate reserves without detailed exploration. 
 
Companies that win the exploration rights will be able to transfer those rights to another party within three years if they wish, and the rights will then be auctioned again for actual mining. The exploration company will get a percentage of sales as royalty for 50 years from the company that wins the mining rights, if it does not participate or loses out. 
 
It will be the first time&nbsp;India&nbsp;has allowed private companies to just explore for minerals, with the mining rights auctioned separately. 
 
State-run SBI Caps is advising the mines ministry on the proposal, which is expected to be cleared by Modi&#39;s cabinet ahead of a two-day government mining conclave in the eastern state of Chhattisgarh that begins on July 4, Kumar said. 
 
De Beers said it continued to engage with the mines ministry but had no current plans to resume any exploration in&nbsp;India. 
 
&quot;There has been no change to the current situation since our exploration activity there closed in December 2015, with no prospecting activity planned for the foreseeable future,&quot; De Beers&#39; spokeswoman Lynette Gould said in an email. 
 
Rio Tinto&#39;s&nbsp;India&nbsp;head, Nik Senapati, did not immediately respond to requests seeking comment. 
 
India, which produced the Koh-i-Noor Diamond that is now in Britain, is a diamond polishing hub, polishing 14 out of every 15 rough diamonds in the world. 
 
(Reuters)

The Geological Survey of India has identified 100 mineral zones which will be divided into blocks to go up for sale

India is seeking the participation of mining companies Rio Tinto and Anglo American's De Beers to explore for diamonds and gold, part of Prime Minister Narendra Modi's ambition to make the country a major mineral producer, the mines secretary said. Balvinder Kumar told Reuters on Monday that the Indian government will start to auction the rights to up to 70 diamond and gold exploration zones to mining companies this year. India stopped producing diamonds years ago and produces only a small amount of gold, although it is the world's second-biggest consumer of the yellow metal. Modi wants to revive the sector, with most of the exploration and production conducted by the private sector. The blocks that will go on sale are among 100 mineral zones identified by the state-run Geological Survey of India following an aerogeophysical assessment. "We need resources to expand our mineral wealth and that's why we want private companies to carry out exploration of deep-seated minerals," Kumar said in an interview. "So far we haven't been able to do detailed exploration, but this proposal is a win-win for all." However, he said diamond producer De Beers and Rio Tinto, which has already discovered a cluster of eight "diamondiferous pipes" in central India, have been cold to the latest exploration idea, citing high risks of failure. To allay those concerns, Kumar said the government will reimburse companies' exploration costs if their blocks do not throw up commercially viable mineral reserves. The blocks, which each cover over 100 square kilometres, are located in the states of Madhya Pradesh, Chhattisgarh, Jharkhand and Rajasthan among others, Kumar said, adding it was difficult to estimate reserves without detailed exploration. Companies that win the exploration rights will be able to transfer those rights to another party within three years if they wish, and the rights will then be auctioned again for actual mining. The exploration company will get a percentage of sales as royalty for 50 years from the company that wins the mining rights, if it does not participate or loses out. It will be the first time India has allowed private companies to just explore for minerals, with the mining rights auctioned separately. State-run SBI Caps is advising the mines ministry on the proposal, which is expected to be cleared by Modi's cabinet ahead of a two-day government mining conclave in the eastern state of Chhattisgarh that begins on July 4, Kumar said. De Beers said it continued to engage with the mines ministry but had no current plans to resume any exploration in India. "There has been no change to the current situation since our exploration activity there closed in December 2015, with no prospecting activity planned for the foreseeable future," De Beers' spokeswoman Lynette Gould said in an email. Rio Tinto's India head, Nik Senapati, did not immediately respond to requests seeking comment. India, which produced the Koh-i-Noor Diamond that is now in Britain, is a diamond polishing hub, polishing 14 out of every 15 rough diamonds in the world. (Reuters)

India looks at private sector to explore for diamonds and gold

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