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| NRI among 72 bidders buy Rs 10 million Neelam | | |
Early Times Reporter
Jammu | Mar 12
Three years of extraction and two of auction has earned the state whopping revenue of Rs Ten Millions (One Crore). It was an experiment to sell the sapphire corundum. Just imagine if this is made a form of mining practice, how it changes the economic outlook.
The sapphire corundum, popularly known as Neelam and extracted from the Paddar area of Kishtwar was put on auction at the RRL lawns here for two days. 17 kilograms of corundum has been sold for Rs One Crore in just two days. This sapphire was mined out during last three years from sapphire mines of Paddar in Kishtwar district was kept for auction. The auction process of the sapphire has been done after two decades. As many as 72 bidders from across the country including some NRIs took part in the auction.
Though commercial extraction of sapphire has not taken place in the Padder area since 1978, yet Jammu and Kashmir Minerals Limited managed to extract some sapphire stock in the recent years. “The sapphire stock extracted in recent years was auctioned first as it has been processed. Around four decades ago over 11,69,247 gm of rare sapphire was extracted during a period of eight years.
After a gap of 20 years, the Jammu and Kashmir government is auctioned nearly 17 kg of crude sapphire. The Paddar sapphires are much sought after around the world for their quality.
The pride of Kashmir, peacock neck blue sapphire, an extremely rare variety, is the finest of its kind found anywhere in the world. So no wonder that at the open auction that's taking place after 20 years, even the crude gemstones drew a lot of people from India and abroad. ''I heard for a long time that Kashmir sapphire is the best in the world, so I just wanted to come to see,'' said Thanain, Resident of Bankok.
The blue sapphire is much sought after. And if it's from Kashmir, it fetches four times the price of a similar gemstone from Sri Lanka.
But extraction of the rare sapphire from the Paddar mines in remote Kishtwar district was stopped after militancy erupted in the state in the 1980s. Lack of mining expertise also hampered work. Now the government wants do a thorough assessment of the sapphire mines to exploit the reserve.
''So far no scientific assessment has been done, we will do a scientific assessment of the sapphire reserves and then exploit them in a scientific way,'' said Ringzan Jora, Industries Minister. “Such auctions would help in promoting this vital product of the state throughout the world”, he said.
The auction of sapphire has evoked a great response and it's hoped that more will be done on its promotion and publicity so that Jammu and Kashmir becomes the prime destination for sapphire buyers across the world.
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