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India had a diamond monopoly in ancient times, lab-grown diamonds can restore it
Blue diamonds, which are rarer than blue moons, made headlines twice in the past three weeks. First, when Christie's cancelled the auction of 'Golconda Blue' in April, and again on Tuesday when Sotheby's sold 'Mediterranean Blue' for $21.5mn in 2.5 minutes. Of the two, GB was the real deal. Mined in India, it had belonged to the Maharaja of Indore once, and was expected to fetch up to $50mn. Not because it was a fistful – 23ct is less than 5g; Ranjit Singh's Kohinoor weighed 191ct – but because it was the biggest blue diamond ever on the market. South Africa-mined MB, on the other hand, weighs a less atypical 10.3ct or 2g.
All diamonds are special, but blue ones more so because they are born 600km under your feet, where temperature and pressure are so high it's like being in the middle of a nuclear explosion. Actually, nuclear explosions have been known to form 'nanodiamonds', but they're not worth the risk. As for the blue colour, it comes from traces of boron – the same chemical that an Egyptian plane was rumoured to have brought to Kirana Hills after the rumoured nuclear leak at its rumoured nuke silo after a rumoured Indian strike last Saturday
What's not rumoured but certain is that the future of diamonds lies in labs, not underground. Although manmade diamonds have been around since the 1950s, Modi's gift of a 7.5ct lab-grown green diamond to the Bidens two years ago declared India's intent of causing a major upset in the market. Nine of every 10 diamonds are polished in India. Eight of every 10 diamond traders in Antwerp, Belgium – global hub of diamond trade – are Gujaratis. What we don't have anymore – despite a monopoly till the 1830s – is enough diamond mining. But lab-grown diamonds, which are indistinguishable from Kohinoor and Golconda Blue without deep chemical analysis, and far cheaper, can fill that gap. Diamond snobs might still demand the 'real' thing, but don't bet on it because manmade diamonds, with their relatively tiny carbon footprint, may be more flaunt-able. Besides, they'll be available in any colour you want, even if it's black.
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This piece appeared as an editorial opinion in the print edition of The Times of India.
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