₹17 Lakh Or Less Than ₹2 Lakh - How Expensive Was The Diamond PM Modi Gifted US First Lady Jill Biden? MEA Clarifies

(MENAFN- Live Mint) A 7.5 carat diamond became a topic of international debate this week with US authorities putting its valuation at $20,000. The gem was presented to First Lady Jill Biden by Prime Minister Narendra Modi during his visit in 2023. The Ministry of External Affairs however suggested a significantly lower valuation - less than ₹2 lakh - for the stone.

According to a Times of India quoting MEA sources, the 7.5-carat diamond was grown in a lab and therefore much cheaper than a natural gem. Lab-grown diamonds typically cost anwhere between ₹15,000 and ₹25,000 per carat - implying a price point between ₹1.1 lakh and ₹1.9 lakh for the gift. Sources told the publication that the US State Department valuation appeared to be based on the cost of natural diamonds.

The gift was shared by PM Modi in June 2023 as he attended a private dinner at the White House. The Indian leader also gifted the US President a 'Carved Sandalwood Box', a book titled 'The Ten Principal Upanishads', a statue, and an oil lamp during his state visit. American authorities valued the gifts at approximately $6,232.

President Biden's gifts have since been transferred to the National Archives and Records Administration while the diamond was retained 'for official use' in the East Wing.

Also Read | PM Modi's diamond to Jill Biden tops US First Family's gift list for 2023

The 7.5 carat diamond was manufactured in a factory in Gujarat's Surat by using a technology, which recreates the same process that takes place beneath the earth in formation of the natural diamonds, according to Smit Patel, convenor of the Gem & Jewellery Export Promotion Council (GJEPC).

“The Kohinoor was a Type Two, a pure diamond. This diamond (gifted by PM) is 7.5 carat, which represents the 75 years of Independence. Also, this diamond was created using green energy, so that is also a step towards showing that India is moving towards green and renewable energy -- a goal espoused by PM Modi himself,” Patel had said in 2023.

(With inputs from agencies)

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