Stock market rattled as Union Bank shares fell by 8.50 percent followed by Bank of Baroda which saw a dip of 5.48 percent in its shares. Bank of India shares fell by 4.07 percent followed by Allahabad Bank (3.45 percent), Oriental Bank of Commerce (1.80 percent), Bank of Maharashtra (1.25 percent) and Indian Overseas Bank (0.60 percent), reported news agency PTI.
But here I'm more interested in talking about synthetic diamonds than stock market. And I also know that you readers too want to know more about it.
Well...synthetic diamond is diamond produced in an artificial process, as opposed to natural diamond which is created by geological processes. They are also known as cultured diamond or cultivated diamond.
Synthetic diamond is also popularly known as HPHT (high-pressure high-temperature) diamond or CVD (chemical vapor deposition) diamond after the two common production methods.
While the term synthetic is associated by consumers with imitation products, artificial diamonds are made of the same material (pure carbon, crystallized in isotropic 3D form).
The almost diamond like appearance of synthetic gems in the market has created major concerns in the diamond trading business worldwide. As a consequence of this, special spectroscopic devices and techniques have been developed to distinguish synthetic and natural diamonds.
A number of professional diamond laboratories have come up across the country where one can get the diamonds tested. A person can take his jewellery to any of the branches of SGL (Solitaire Gemological Laboratory) or IGI (International Gemological Institute) to get the diamonds verified.
There are a few laboratory networks in India that have good reach, operate with professionalism and are ethical too. However, the fact is, many of you avoid going to these labs assuming that the gem you purchased is pure as you have bought the diamond from a so-called "reputed seller".
And here you are mistaken because as they say, "All that glitters is not gold". A local, small diamond merchant in your area may be selling pure diamond than the "branded" showrooms you prefer to visit.
How deeply synthetic diamonds have penetrated gems industry in India?
Well, the answer is I don't know. No diamond trader will accept that he is selling you fake in the name of original. But as a consumer, you have to decide that whether you will spend your hard earned money on buying diamonds just on "trust" or get the same scientifically tested by going to a lab.
Whether Mr Nirav Modi was selling synthetic diamonds in the name of real diamonds and fooling people...that is up to the investigative agencies to find out. My only concern is that when you buy world hardest known natural material, make sure it worth your money.
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About the author: Author Anurag Kumar is an Associate Producer in ABP News Network Pvt Ltd and tweets at @AnuragSason
Disclaimer: The views expressed by the author are personal and do not reflect the opinions, beliefs and views of ABP News Network Pvt Ltd.