India is set to become a diamond trading hub in the next two years as the ambitious Bharat Diamond Bourse (BDB) is expected to start operations at the Bandra-Kurla Complex in Mumbai by this Diwali.
"As an international destination, the Bharat Diamond Bourse aims to further enhance India's position in the world diamond market once it becomes fully operational by October- November," BDB President Anoop V Mehta told PTI on Tuesday.
With world-class facilities under one roof, the bourse would contribute to 90 per cent of country's diamond trading activity, he added.
"We intend to commence trading at the bourse by Diwali as it is an ideal time for members to shift their business," Mehta said adding BDB would benefit the entire diamond trade.
Bharat Diamond Bourse is establishing a 18 lakh sq ft complex at Bandra-Kurla Complex, a business district in the suburbs, at an estimated cost of Rs. 900-1000 crore.
"The main objective is to establish a bourse for promotion and export of diamonds and to provide infrastructure and other facilities in India for domestic and overseas buyers and sellers of diamonds," Mehta said.
Instituted to cater all the needs of the diamond trade, BDB is anticipating to deal with over 30,000 people a day.
The facilities at BDB would include offices of diamond traders, strong rooms, lockers and customs clearance facilities with all modern facilities required to carry day-to-day business. on July 20, 2004.