The country’s first diamond exchange, which opens next week, expects turnover to rise 10-15 per cent annually in the next five years, challenging the dominance of traditional centres like Belgium and Israel.
Bharat Diamond Bourse, which shifts to a bigger site on October 17 after a near-two-decade delay, currently has a turnover of $28 billion (R 123,200 crore), and hopes to grow on higher participation from diamond traders across the globe.
“We expect diamond traders from Israel and Belgium to start trading over here. And we also expect primary producers to come and sell their produce in India,” said Anoop Mehta, president of the exchange.
The exchange, with over 2,300 members, will be housed over an area of 20 million sq feet at the Bandra-Kurla complex.
The exchange proposes to get buyers, sellers, bank officials under one roof to facilitate exports of polished diamonds, Mehta said, adding, State Bank of India and Bank of India will also also have a presence.