Sapphires of Loss

Everyone seems to be caught by pleasant surprise that a 19.88 carat cushion-shaped Kashmir sapphire – named 'the star of Kashmir' – has been sold for a record Rs 20 crore (USD 3.4 million) at a Geneva auction this week. This is not a small development considering that this price is the highest fetched for a sapphire ever. This development must generate a debate on how do we actually formalise the state’s sapphire industry, which has a potential of fetching huge revenue for the state. That debate must also assess the loss that years of state complacency and the functioning of a clandestine trade in these sapphires has incurred to us. This Geneva auction is not a case in isolation. In May 2012 a diamond-platinum ring with an 8.99 carat Kashmir sapphire sold for $527,500 (Rs. 2.86 crore) at an auction in New York. That sale also made some good headlines. It is not so well known in this state that the fine blue Kashmir sapphire forms a class that stands entirely alone in the world of fine sapphires. It is a pity that despite such a great global demand and a distinct uniqueness of our sapphire products, trade in this area remains highly limited, often manifesting in informal and clandestine extraction and trade, with little or no economic benefit to J&K state. Although J&K government has floated a global tender for more formal sapphire extraction recently, but it is intriguing that only “one major company” is said to have submitted the proposal for extraction of the sapphire. The Minister of Industries and Commerce – who hails from the same area where bulk of the sapphire mines are found - has maintained that private companies with interest in extraction will be strictly assessed for their financial and technical capabilities as well as past experience. There are many trade and industry voices within the state that believe that the qualification criteria for extraction need not be such so as to exclude the state’s own people from extraction. While competence and experience are necessary, it would still be possible to create possibilities for the state’s people to bid and extract sapphires.

Lastupdate on : Fri, 17 May 2013 21:30:00 Makkah time
Lastupdate on : Fri, 17 May 2013 18:30:00 GMT
Lastupdate on : Sat, 18 May 2013 00:00:00 IST




  • del.icio.us
  • StumbleUpon
  • Digg
  • TwitThis
  • Mixx
  • Technorati
  • Facebook
  • NewsVine
  • Reddit
  • Google
  • LinkedIn
  • YahooMyWeb
  • Print News

Enter the Security code exactly as you see it in the image security code is CaSe SeNsItIvE(Cookies must be enabled)
  • MORE FROM EDITORIAL

  • Kashmir

AAC holds medical, blood donation camp

HAFTA SHOUDA

GK NEWS NETWORK

Srinagar, May 17: As part of its Hafta Shouda (Martyrs Week), the Awami Action Committee (AAC) on Friday organized a blood donation and free medical camp in the premises of historic Jamia Masjid is Shaher More



  • Srinagar City

Fatwa issued: Hindering traffic flow un-Islamic!

Men-in-blue rope in Ulema for preaching; Mufti Nazir says

encroachments forbidden; Addresses transporters at Batamaloo yard

GK CITY CORRESPONDENT

Srinagar, May 17: In a bid to sensitize people of this Muslim dominated society, towards adherence to traffic regulation norms through religious preaching, the Traffic Police on Friday banked on prominent More




  • Jammu

PCI reprimands JK over financial mess

Introduces MIS To Monitor Schemes Under SPA

ABHINAV VERMA

Jammu, May 17: Taking strong note of the financial mess created by Jammu and Kashmir, Planning Commission of India has introduced Management Information System (MIS) from this financial year to track all More



  • GKeducation&career

IAS SUCCESS STORIES

This year 11 candidates from Jammu and Kashmir made it to the final list of Union Public Service Commission (UPSC) examination. Eight successful candidates hail from Kashmir, while the other three belong More



ADD
Designed Developed and Maintaned By Imobisoft Ltd /Algosol Software Solutions