Opinion: Kashmiri Sapphires Set To Dazzle The World Again
February 26, 2024
From Sotheby's ... SUPERB 'ROYAL BLUE' SAPPHIRE AND DIAMOND RING, 1930S.
Shantanu Guha Ray
Opinion – NDTV
February 26, 2024
"A decade after a 19.88-carat Kashmir sapphire shattered auction records in Geneva, the potential return of the priceless gems from the strife-torn region to global markets is on the horizon.
The cushion-shaped sapphire, known as the Star of Kashmir, surprised buyers in 2013 with a sale price of nearly $3,483,017 (approximately ₹ 20 crore). Now, officials claim that more peacock blue-coloured sapphires will be mined in the Paddar region, one of the most inhospitable terrains in the bordering state.
Kashmir sapphires are revered as among the finest in the world.
This resurgence in the Kashmiri economy marks a significant shift, seemingly overcoming longstanding hurdles related to mining and marketing rights. It’s reliably learned that local traders, previously resistant to outsider involvement in mining and marketing the gems, had persistently demanded exorbitant prices, hindering progress.
However, the landscape is evolving.
A pivotal moment for these sapphires came after traders from Kashmir were advised by the state-owned Gems and Jewellery Export Promotion Council (GJEPC) to adhere to global trade norms. In essence, they were advised to auction the gems, mirroring the international diamond trade, and evaluate offers from buyers. The traders have since embraced this guidance, which emanated from the Commerce Ministry through the GJEPC.
“Kashmir sapphires are very unique. Mining and trading of these gems need to be streamlined,” said Sabyasachi Ray, executive director of GJEPC. “We have explained to those involved with the trading of sapphires the importance of doing the business methodically and as per international norms. The traders should not be raising unrealistic demands,” he added.
Kashmir’s Tryst With Gems
However, implementing such measures in Kashmir, India’s most troubled state bordering Pakistan, poses considerable challenges. The allure of gems has historically captivated tribes spanning the vast stretch between Afghanistan and Kashmir. Gemstones have long been understood as transformative assets by tribal communities in Afghanistan and Pakistan. GJEPC officials caution that Kashmiri traders could still resist conforming to international guidelines, potentially reverting to old practices.
Recognising the sensitivity surrounding gem trade in Kashmir, the GJEPC is diligently navigating these complexities, cognisant of the pivotal role local traders play. The Himalayan region’s gems boast a rich historical lineage, extending from India to Afghanistan.
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