DiamondBuzz
Madhya Pradesh’s Panna diamonds, get GI tag
Madhya Pradesh’s famed Panna diamonds, have now gained global recognition with the award of a Geographical Indication (GI) Tag. This certification will protect their unique identity and ensure that diamonds from Panna—the only diamond-producing district in India—are marketed worldwide as premium, authenticated natural gems under the name ‘Panna Diamond’.
The GI tag has been granted under the Natural Goods Category, affirming the distinctiveness of these diamonds. In Panna, mining leases are issued on both government and private land, with plots typically measuring 8×8 metres. Once recovered, the diamonds are submitted to the district diamond office for auction. Buyers from major centres such as Gujarat, Mumbai, Delhi, and Hyderabad participate, with the government levying roughly 12% of the final sale value as revenue.
The GI tag, granted after a process initiated on June 7, 2023, is expected to revolutionise the local diamond industry. Experts believe it will enhance transparency, quality assurance, and global recognition, creating new employment opportunities in mining and benefiting thousands of families.The tag will also expand export prospects, driving a substantial increase in state revenue.
The local administration and industry experts assert that the GI tag will carve a unique niche for Panna in the international market, reinforcing its legacy as a gemstone hub.The people of Panna are jubilant as their long-pending demand has been fulfilled.With this recognition, the district is poised to reclaim its glory on the global map, much like the dazzling diamonds unearthed from its mines.As Panna diamonds sparkle brighter than ever, the GI tag promises economic prosperity, cultural pride, and a radiant future for the regio
DiamondBuzz
Sotheby’s Withdraws Rare 10-Carat Pink Diamond from Geneva High Jewelry Auction
The $20 million ‘Glowing Rose’ was expected to lead the sale but was removed after discussions with the consignor.
Sotheby’s has withdrawn a rare 10.08-carat fancy-vivid-pink diamond from its High Jewelry auction in Geneva, where it was estimated to fetch around $20 million. The Glowing Rose—a cushion brilliant-cut pink diamond set in a ring—was slated to be the star lot of the November 12 sale but never reached the auction block. The company did not disclose the reason for the withdrawal.
“The Glowing Rose is an absolutely beautiful pink diamond… however, following discussions with the consignor, the lot was withdrawn prior to the sale,” a Sotheby’s spokesperson told. The stone is notable as only the third cushion-cut vivid-pink diamond to appear at auction in the past decade and was showcased in Singapore and Taipei last month in a presentation mount by British jeweler Boodles.
Despite the withdrawal, the High Jewelry sale achieved CHF 29.8 million ($37 million), led by a 4.50-carat fancy-vivid-blue, internally flawless diamond that sold for CHF 4.8 million ($6 million). The event ran parallel to Sotheby’s Royal & Noble Jewels auction in Geneva.
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