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Chandigarh: Diamond capital Chandigarh, November 17 Talking to The Tribune here this afternoon, Ms Tandon says Chandigarh is fast emerging as a major commercial hub. “It is no more a city of the tired and the retired. It is a happening place which sets the trends in fashion, including jewellery. Interestingly, this city has a huge disposal money which, besides other sources, is also getting invested in diamonds. Sale of diamonds started picking up at the end of “shraadh” and beginning of the Divali festivities this year, says Ms Cherrie Tandon Saldhana, revealing that between April and September, import of rough diamonds declined by 7.5 per cent from Rs 19,960 cr to Rs 18,532 crore. Even the export of polished diamond declined by 11.5 per cent during this period. The declining trend halted after “shraadh” when Divali season began. It is the time when the exchange of “gifts” starts and since Chandigarh is a city of politicians, bureaucrats, technocrats and also top executives of multinational companies, including IT industry, the flow of disposal money into diamonds, both as gifts and investment, may have helped the city to climb to the top spot in the per capita consumption of the costliest jewellery item. “We expect a further 5 per cent increase in the diamond trade by the end of March, 2007,” says Ms Cherrie Saldhana. She says the diamond trade has been witnessing an unprecedented 20 per cent year on year growth for the past six years. Booming market of diamonds reflects strong economy of the country. It is why we say diamonds for good. “Diamond market is booming,” she says. “Eleven out of every 12 diamonds in the world market are from India and more than 90 per cent of the world’s diamonds are polished in India. The retail trade of diamonds, which is Rs 7,800 crore, now employs around three million people. Interestingly,” she says,” 60 per cent of the total value, 85 per cent of the total volume and 92 per cent of the total pieces in the diamond industry worldwide are contributed directly from India”. Ms Tandon, who originally comes from Jagadhri, says, “North has been emerging as the biggest market of diamonds where the ultimate gift of a woman is to possess diamonds”. For many, trading in diamonds is an investment, as many jewelers in the region promise 100 per cent return. Talking about the suspicion of jewelers duping customers with fake diamonds, Ms Tandon says because of growing awareness, most of consumers now go for certification of the diamonds before they buy them. She, however, says diamonds still constitute only 12 per cent of the total jewellery trade in the country while gold continues to contribute 80 per cent.
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