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
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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