The Eurovision 2010 song contest that took place last Saturday evening was pretty joyful, but reflects only a momentarily escape from the financial crisis plaguing Europe. Emerging economies such as China, Brazil and India seem to have escaped the global financial crisis and continued their growth, but for the ones who are dependant mostly on export of a unique luxurious natural resource, like diamonds and gems, thing might look different.

Botswana, however, remains guarded, as concern mounts that the European debt crisis may undermine the diamond trade – its key export.

Botswana has noted a "slow recovery" and its economy is expected to expand 4.5% in 2010 and 5% in 2011, Gaborone's Deputy Finance Minister Charles Tibone said.

"We are concerned,” said Tibone. “If the Greek crisis persists, then that will affect consumption of our products. What happens to the UK and Europe could impact on diamond sales. Trade between ourselves and Europe is important.”

Botswana is the world’s biggest diamond producer, earning the government about half of its state revenue. It's economy contracted by 6% in 2009, following a slump in diamond sales, which forced mines to shut down for several months.

Botswana's diamond output is expected to rebound to 22 million carats in 2010, from 18 million carats in 2009, as demand from the US – the country's biggest consumer of the diamonds, improves.

The southern African nation said last week it borrowed $133 million from the World Bank to partly finance energy ventures.

Perhaps the wide tourism industry, which attracts a lot of luxury goods consumers, will have a solid effect or at least stabilize the demand of diamonds in Europe.

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Considered to be the most celebrated diamond in the Iranian Crown Jewels, the Darya-i-Nur is one of the oldest diamonds known to man.

The 186-carat Darya-i-Nur diamond is a crudely fashioned stone measuring 41.40×29.50× 2.15 mm. The diamond's name means "Sea of Light."

Both the Darya-i-Nur and the historic Koh-i-Noor are said to have been in the possession of the first Mogul emperor of India, from whom they descended to Mohammed Shah. After latter was defeated by Persian Shah, his valuables, including the diamonds and the well-known Peacock Throne, were turned over as well.

After Nadir's assassination in 1741, the Darya-i-Nur passed on to his grandson, Shah Rokh. Later, it descended in succession to Mirza-Alam Khan Khozeime and thence to Mohammed Hassan Khan Qajar. Finally, it came into the possession of Lotf-Ali Khan Zand, who was defeated by Aga Mohammed Khan Khan Qajar.

In 1797, Aga Mohammed was succeeded by his grandson, Fath Ali Shah, who was both a collector and connoisseur of diamonds and gems. He had his name engraved on one side of the great diamond.

In 1827, Sir John Malcolm, a British emissary to the Persian Court and author of Sketches of Persia, described the Darya-i-Nur and the Taj-e-Mah (another famous diamond in the Persian Regalia) as the principal stones in a pair of bracelets valued at one million pounds sterling.

During the reign of the next shah, Nasser-ed-Din (1831-1896), the stone was mounted in an elaborate frame, which is surmounted by the Lion and Sun (the emblem of the Imperial Government of Iran) and set with four hundred fifty-seven diamonds and four rubies. It is still mounted in that same frame today.

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Indian police are puzzled by the recent assault on Ashok Courier Services owner Mahesh Kumar Sharma, who was robbed of Rs2.2 crore worth of diamonds in April.

Sharma was heading towards the domestic airport in his car, on the Western Express Highway, when another car blocked his vehicle, forcing him to stop.

A person stepped out of that car and attacked Sharma before fleeing his bag, which contained – among other valuables – the diamonds.

Indian police are still looking for clues in the case, and although a surprising twist has led investigators to a love triangle connected to the robbery, they have so far been unable to determine which of the three – the presumed-prime suspect, a bar girl and the victim's son – is actually involved.

The police said they arrested a small-time conman, with a previous record of swindling Bhuleshwar market jewelers, in connection to the case. They suspect he must have been aware of Sharma's business, and accordingly tipped off robbers about his plan to carry the diamonds with him on that particular day.

The suspect eventually was released for lack of evidence, but not before police were able to connect him to a certain bargirl, via his cell phone records.

As police were questioning Sharma's relatives, employees and family, they discovered that the victim's son has also been in touch with the same bargirl. Sharma's son told the police that he was having an affair with the girl, and would some times take her with him when he was delivering diamonds on his father's behalf.

The police, however, are not sure whether the girl is involved in the robbery. "We are not sure how exactly these three are involved or if they are involved at all," a police official told Indian media.

Indian police is concerned about the rise in attacks on individuals carrying consignments of diamonds, gems and other ornaments to the airport, as two other such incidents were reported from near the Kherwadi junction in the past two months. 

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