Not giving up yet on its intention to tap the potential of the world-famous Kashmir sapphire gemstone, the Jammu and Kashmir government has floated a fresh tender to attract the attention of international and national players interested in its extraction.
"A fresh global tender has been floated to tap the potential of high-grade and world-famous sapphire (mined) in Kishtar belt of the state," Minister for Industries and Commerce Sajjad Ahmed Kichloo told PTI.
The new tenders follow the previous offer inviting Expression of Interest which failed to generate much response as "only one major company had submitted the proposal for extraction of sapphire," Kichloo said.
"We do not want to give the contract this way".
J&K Minerals Ltd, a state government enterprise, yesterday issued a fresh global tender inviting parties with expertise in mine-planning, exploration and mining of gemstones to undertake exploration and exploitation of sapphire through a joint venture.
Sapphire from Paddar Valley in Kishtwar district is famous the world over for its unique peacock-blue colour.
The minister, also a local MLA from Kishtwar, is keen on the project and hopes that the Paddar sapphire would soon make a return to markets worldwide.
"We are going to speed up the process to ensure the exploitation of this sapphire wealth," Kichloo said.
JKML holds a mine lease over an area of 6.65 square kilometre on GT Sheet 52/C at Paddar, at a height of 4,327 meters.
The sapphire from Paddar is renowned for its unmatched clarity and transparency and is mainly used in gemstone beads. The price of pure sapphire can easily cross USD 100,000 for a carat, making it the most expensive in its category.
The J and K Industries department also plans to undertake a satellite survey as part of a multi-pronged study to determine the sapphire deposits in Paddar valley.
The two-decade long militancy, extreme geographical conditions and lack of resources have till date hampered the commercial exploitation of this valuable natural reserve.
JKML goes for extraction during two months of summers, and has extracted over 8,000 grams of raw sapphire known as corundum, which were sold at auctions in the last two years.
Gemologists say that Kashmir sapphires set the standard by which all other blue sapphires are evaluated.
"Their colour holds up in all kinds of light, which experts describe as a magical property, as compared to other fine sapphires such as Burmese stones, which lose their rich colour in the evening light," officials said, adding that the stone has a magical 'velvety' effect, creating a soft, yet strong colour.
It may be recalled that a diamond-platinum ring with a 8.99 carat Kashmir sapphire sold for $527,500 (Rs. 2.86 crore) at an auction in New York at more than double of its pre-sale estimate in May last year.
The cushion-shaped sapphire measuring 13.66 x 12.41 x 6.27 mm and described by Heritage Auctions as a 'breathtaking stone' with no evidence of heat treatment was the centerpiece of the USD 4.1 million crystal beads wholesale Signature sale.
According to the auction house, the spirited bidding on the large Kashmir sapphire was closely matched by the impressive contest for a dramatic Colombian emerald, diamond, platinum Ring.
The Duke of Gloucester may have been the first when he proposed to Lady Alice Montugu-Douglas-Scott with an exquisite oval Kashmir sapphire ring in the 1930's. Since then many more woman have received Kashmir sapphire engagement rings to include Kristie Alley, Susan Sarandon, Sara Ferguson, Ivana Mazzuchelli Trump, model Heather Mills, Judith Nathan (Former Mayor R. Guilani's wife) and Princess Diana.
