PM Modi Set to Inaugurate Surat Diamond Bourse Tomorrow
Written by Sanjay Kumar
Surat, known as the “Diamond City,” is set to shine even brighter on the global stage with the official opening of the Surat Diamond Bourse (SDB), the world’s largest office complex. The inauguration, scheduled for tomorrow, will be officiated by Prime Minister Narendra Modi, underscoring the city’s aspirations to solidify its position as the global hub for the diamond industry.
The SDB, situated in Gujarat, spans an impressive 6.7 million square feet, surpassing iconic landmarks like the Pentagon. Completed at a cost of 32 billion rupees ($384 million) in July, the complex comprises nine 15-story towers housing around 4,700 offices, making it a central point for the diamond trade.
While Mumbai has traditionally been the export hub for diamonds in India, Surat has carved its niche as a powerhouse in processing. Approximately 90% of the world’s rough diamonds are cut and polished in Surat before reaching buyers worldwide, including the US and China. The SDB aims to streamline this process by bringing the entire industry under one roof.
Eli Izhakoff, the honorary president of the World Federation of Diamond Bourses, emphasized the long-overdue need for a diamond exchange in Surat. He expressed confidence that the SDB would provide a secure and centralized platform for global dealers to conduct business.
The new complex is part of the Diamond Research and Mercantile City, modeled after Prime Minister Modi’s flagship project, Gift City. With its 130 offices already in use, the SDB surpasses the Israel Diamond Exchange in both size and scale.
Surat’s diamond industry, which started operations about six decades ago, faced challenges in the 1990s, including a setback due to a pneumonic plague outbreak. However, the city underwent a remarkable transformation in governance and infrastructure, becoming one of the cleanest cities in the country.
Despite its impressive stature, the SDB faces challenges in convincing traders to relocate from existing low-cost setups in the city’s bazaars to the new, state-of-the-art offices. Similar challenges were witnessed in Mumbai’s Bharat Diamond Bourse in its initial years.
The location of the SDB on the outskirts of Surat raises concerns about amenities and entertainment options. Additionally, Surat’s limited connectivity, with only one international flight to Sharjah, poses logistical challenges for businesses.
Geopolitical factors, including US sanctions on a Russian diamond miner and a looming ban on Russian diamond imports by the Group of Seven nations, add complexity to the diamond industry’s landscape. However, industry experts, including Nagjibhai Sakariya, the president of the Surat Diamond Bourse, remain optimistic, citing the resilience of the industry and expressing hope for a revival in consumer spending in key markets like the US and China.
“The industry is used to it,” Sakariya noted, referring to the current slowdown as part of the normal cycle. As Surat aims to outshine the world with its colossal diamond hub, the global diamond industry awaits the impact of this monumental endeavor.
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