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| Gemstone economy | | | Sajjad Bazaz
Our state is loaded with huge potential areas which have remained either underexplored or unexplored. One such area is the gems and jewellery industry which we have failed to establish despite having huge resources to capitalize upon.
This is the industry which symbolises our tradition in many ways. It is a legacy that passes from generation to generation. It doesn't include only conventional gold but also a variety of precious and semi-precious stones. So far, we haven't seen any government initiative to explore the true potential of this industry in the state. We can simply sum up that the gem and jewellery industry here has never witnessed vibrancy.
Remarkably, our state itself has a unique place in the global gemstone resources base because of the top quality sapphire deposits it has in the Paddar area of Kishtwar district in Jammu. These deposits were first discovered in 1882 and there has, since then, been a large quantity of high quality Kashmir sapphires produced, for which the state became famous worldwide. Though we have a very high quality of sapphire and some other semiprecious gemstone deposit, the gem stone based industries failed to get attention of the government and never emerged as an industry in the state. We haven't even seen any such facility for characterization of the gemstones in the state.
I have come across a few consultant of international repute in Gemology who have studied the huge unexplored potential in gem and jewellery industry of Kashmir. These gemologists have found Kashmir sapphires so highly valued because the finest specimens have a superb royal blue color and a velvety texture due to fine silk inclusions. But they expressed their displeasure that new sapphires are no longer discovered in Kashmir.
According to an estimate, if the stocks at Padder are utilised these could generate Rs 6000 to Rs 8000 crore revenue for the state that would significantly help in addressing the unemployment problem. But due to the continued neglect, Kashmir sapphires today have a mythical reputation in the gemstone world. Even as the most valuable sapphires in the world are from our place, hardly you see one except at a rare gems auction or in a museum.
There are some questions which our planners need to answer. If we are so rich in gem and jewellery sector, why can't we have a jewellery cluster? Can't we set up gem and jewellery exchanges with facilities such as appraiser and testing laboratory for precious stones? Why can't we have a strong demand to declare the entire valley as a special economic zone (SEZ) for export promotion of these products? I think, this way we can become part of the growth of the sector and can benefit our local economies.
There are some astounding facts. Our sapphires in the past have drawn record prices whenever displayed in international market. To name a few occasions, it was in Christie's auction in 2007 when a cushion cut 22.66 carat Kashmir sapphire, set in a pendant surrounded by diamonds and recording the highest price paid for a sapphire in the world, was sold for $3,064,000,. Then in 2008 Kashmir sapphire cushion -- 42.28 carats -- was sold at a record price for $3.5 million by Christie's in Hong Kong.
It is worth mentioning that the Indian gems and jewellery sector is expected to grow at a compound annual growth rate of around 13 per cent during the next two years' period. The jewellery exports were expected to surpass the target of US$ 30 billion by the end of this year.
So, rich resources are available with us in abundance. Time is still on our side. Let's develop our gems and jewellery industry in an organized manner and capitalize on the back of healthy demand from western markets like the US and Europe to revolutionise our economy.
While exploring the opportunity and to carve out a vibrant gem and jewellery industry in the state, we should not ignore skilled work force.
Here we can utilize the services of the artisans of Jaipur who are well trained and skilled in the trade. In fact, they have mastered the art. They can cut rough gemstones in a way to take the best out of it. This way we can also set in motion a process to address the skill deficit existing in our economy.
(The views are of the author & not the institution he works for)
Quote:
We need to
come out of mythical
reputation of our sapphires.
Our sapphires in the past have drawn record prices whenever displayed in international market.
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