NEW DELHI: Official sources have questioned the valuation of the diamond gifted by Prime Minister Narendra Modi to Jill Biden, wife of US President Joe Biden.
MEA sources pointed out that the 7.5-carat diamond the PM gifted to Jill Biden was grown in a lab which is much cheaper than natural ones.
Sources said lab-grown diamonds cost anything between Rs 15,000 and Rs 25,000 per carat; that is between $175 and $291. That would put the value of the gift to the US first lady at anything between Rs 1.1 lakh and Rs 1.9 lakh, sources pointed out, implying that the state department’s valuation of the diamond as worth $20,000 appeared to be based on the cost of natural diamonds which come with a much higher price tag.
They also drew attention to the sharp dip in prices of lab-grown diamonds, almost 25-30%, in recent times which had led to a spurt in demand during the festive season.