PM to inaugurate country’s second diamond bourse in Dec

Built at the cost of ₹3,400 crore, the SDB has 6.7 million sq ft built up area, making it an office building larger than the Pentagon. It is a cluster of nine towers of ground plus 15 floors with office spaces ranging from 300 sq ft to 75,000 sq ft. The 4,500 offices in the complex are serviced by 125 lifts, while 24 spine corridors link the nine towers

Mumbai The Surat Diamond Bourse (SDB), India’s second after Mumbai, will be inaugurated by Prime Minister Narendra Modi on December 17, offering a boost to the diamond manufacturing industry in the Gujarat city, which aspires to be the future trading hub.

Mathurbhai Savani, a core committee member and official spokesperson for SDB, confirmed the development. Savani was part of a delegation led by Gujarat Bharatiya Janata Party (BJP) president CR Patil and SDB chairman Vallabhbhai Patel, which met the PM on August 2 to seek his dates. (HT Photo)

Mathurbhai Savani, a core committee member and official spokesperson for SDB, confirmed the development. Savani was part of a delegation led by Gujarat Bharatiya Janata Party (BJP) president CR Patil and SDB chairman Vallabhbhai Patel, which met the PM on August 2 to seek his dates. The bourse, located in Khajod, on the outskirts of Surat city, was earlier slated to open in November 2022.

Built at the cost of ₹3,400 crore, the SDB has 6.7 million sq ft built up area, making it an office building larger than the Pentagon. It is a cluster of nine towers of ground plus 15 floors with office spaces ranging from 300 sq ft to 75,000 sq ft. The 4,500 offices in the complex are serviced by 125 lifts, while 24 spine corridors link the nine towers. Once operational, the bourse is expected to provide employment to 1.5 lakh in the platinum-rated green building.

After meeting the PM, the SDB delegation also met Civil Aviation Minister Jyotiraditya Scindia to pitch for international connectivity to Surat international airport. In their memorandum to the minister, the delegation said Surat manufactures 90 out of 100 diamonds produced in the world and that the bourse will be the biggest diamond trading centre. Once operational, traders from 175 countries will come to Surat and to get a wide choice with 4,500 functional diamond trade offices. The memorandum said in future, diamond miners and auction companies of rough diamonds are also likely to make Surat its base. Backed by this argument, the delegation demanded daily flights from Surat to Dubai and Hong Kong, and weekly flights from Surat to USA, London, Singapore and Bangkok.

With a population of 70 lakh, it is one of the fastest growing cities in the country as well as one of the biggest textile markets in the country, said the memorandum adding that a large chunk of NRIs based abroad, who are from south Gujarat, will also benefit from the international connectivity.

“The minister has assured us that within the next three to four months, two daily flights between Surat-Dubai and Surat-Hong Kong will be started,” Savani said. When HT contacted Rupesh Kumar Lohani, airport director, Surat international airport, he said there was no official communication from the Civil Aviation Ministry yet. A new terminal is being constructed at the airport, which is expected to be ready by Diwali this year, making the airport operational 24X7.

SDB’s critics had earlier pointed out lack of connectivity to global international hubs as one of the reasons why Surat cannot be compared with Mumbai. Meanwhile, SDB’s core committee has begun preparations for a grand inaugural ceremony and is ensuring that all its offices are functional on the inaugural day. “Out of 4,500 offices in SDB, about 1,000 offices have started their fit outs and furniture work,” Savani said.

Reacting to the development, Mehulbhai Shah, vice president, Bharat Diamond Bourse, said “I would like to congratulate the Surat Diamond Bourse. A second bourse will only benefit the diamond industry and the country and we have always supported it and would encourage if Jaipur’s industry also initiates one. Like our name suggests, Bharat Diamond Bourse works for the country and our trade is a chain of interconnected things. The stronger the chain, the better it is for the overall growth of the industry.”

Asked if diamantaires from Bharat Diamond Bourse were moving to Surat, Shah said, “Some companies have started work at their SDB office, but I haven’t heard any announcements on whether they are vacating the Mumbai office. If Surat wants Mumbai traders to shut their Mumbai offices and move to SDB, we don’t support that language. We believe in the slogan Sabka Sath, Sabka Vikas.” He added the economic recession in the US continues to impact the diamond industry and is likely to continue.