The 69-carat diamond Richard Burton gave Elizabeth Taylor is now part of the hall of fame. At an exhibition in Calcutta last week, viewers got a glimpse of a perfect replica-in zircon-of that and 99 other greats, such as the Koh-i-Noor, the Hope diamond, Cullinan 1 and Great Mogul. Sponsors De Beers have flown in the replicas.

The exhibition hosted by P.C. Chandra, one of the city's best regarded jewellery houses, is also seen as another step in a comeback of sorts for Bengal, piggybacking on De Beers. House director A.K. Chandra says that his group and others are beginning to actively push for making Calcutta once again a major centre for gold and diamond work; most workers have moved elsewhere, to Gujarat and Maharashtra.

For its part, the state Government has slashed its sales tax on jewellery to a token 1 per cent to boost things. "We are also encouraging schoolchildren to come and see the diamonds," says Chandra. There's an unspoken thought in that statement: future buyers.

--By Labonita Ghosh