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India, for many millennia, was the diamond capital of the world and controlled the global diamond business. Indians were the first to discover, mine, curate and market diamonds in the world, and were the first to discover that diamond can be cut only by diamond, and can be polished with its own powder. Vedas, Upanishads and epics stand testimony to it. Diamonds were the quintessential luxury of the Indian royalty. Kohinoor, (Mountain of Light), Hope, Great Moghul, Orloff, Sansi, Hastings, Pigott and Akbar Shah-Jahangir Shah had unparalleled place in the annals of Indian and world history. Till the seventeenth century, the Golconda Fort City in south India was the World Trade Centre of diamonds and was a dream destination for "who is who" in the diamond business. Though at present, diamond business is about $ 72 billion plus worldwide, India has very little to offer to this market size. New nations/countries are on the block and India has become a trivial entity in diamond production from the colonial period due to the monopolistic policy pursued by the British in favour of the new discoveries made in South Africa, and the socialistic policies of Independent India. Even the environmental concerns stood as stumbling blocks against the growth of Indian diamond mining industry. The present study explores exhaustive data, based on a decade-long serious research, targeting common man. It brilliantly attempts to make one aware about the birth, history, glory, places of concentration, applications of diamond and about the present Indian diamond cutting and polishing industry. The book also introduces the readers into the reality of imitations, artificial diamonds, and discusses such products in detail. It delves deep into the identification and valuation techniques of diamond, and the tools used for the same. Efforts are also made to present many a superstition associated with diamonds, and to brief those diamonds that have some bearing on history. After decades of Independence, India has failed to regain its lost splendour and leadership position. There is a need to bring changes in its approach to this industry to put it back on track and compete with the present world leaders. The author has given special attention to analyse the present diamond scenario in India and suggests remedies. Printed Pages: 372.