After inaugurating the ₹3400 crore Surat Diamond Bourse (SDB) in Gujarat on Sunday, Prime Minister Narendra Modi said the bourse will not only act as a “one-stop-centre” for diamond trade but, will also help uplift the country’s share in global exports of gems and jewellery to double digits.

At a public event held in Surat marking the formal launch of SDB, diamantaires also announced their decision to shift their respective diamond business from Mumbai to Surat. “Surat Diamond Bourse showcases the abilities of Indian designs, designers, materials and concepts. This building is a symbol of New India’s capabilities and resolutions,” said PM Modi about the Bourse spread over 67 lakh square feet and has become the world’s largest office building overtaking the Pentagon in USA.

The Prime Minister said SDB will generate 1.5 lakh new jobs and will add to the 8 lakh jobs already being provided by the Surat diamond industry. He also described the Surat Diamond Bourse as “an example of Modi’s guarantee”. “Businessmen from Surat had to travel to faraway locations to examine and buy raw diamonds. There used to be hurdles for undertaking travels to foreign locations. Problems related to supply and value chain used to affect the entire (diamond) business. Those connected with the diamond business used to approach me for a solution to these problems. So in 2014, during the World Diamond Conference in Delhi, I had announced setting up a special notified zone for the diamond sector. This paved way for the dream of building the Surat Diamond Bourse. We made changes in rules and regulations,” he said.

Pointing out that SDB is equipped with “safe vaults”, international banking facilities and a jewellery mall for retail jewellery business, PM Modi said, “Today, Surat Diamond Bourse stands ready as a big centre for international trade where raw and polished or lab-grown diamonds or jewellery can be traded under one roof. For labourers, artisans, businessmen or traders, Surat Diamond Bourse has become a one-stop-centre for all.”

He also pointed out that of the world’s total gem and jewellery exports, India accounts for just a 3.5 per cent share. “If Surat intends, then very soon we can reach double digits in gem and jewellery exports. We have already selected this sector as a focus area for export promotion,” he added. 

PM Modi who inaugurated the new terminal building of Surat airport, said that the airport has been accorded the status of an international airport thus fulfilling the long pending demand of people of Surat. “The flight between Surat and Dubai is beginning today and flights to Hong Kong will start soon,” he said, adding that Surat is the third international airport in Gujarat. The new integrated terminal building of Surat airport is equipped to handle 1200 domestic passengers and 600 international passengers during peak hours. Last financial year, the airport handled 12.4 lakh passengers and registered a 33 percent growth in passenger traffic.

Diamond business shifts from Mumbai to Surat

Dubbed the “world’s largest corporate office hub”, the Diamond Bourse in Surat is positioned to be a global centre for trading rough and polished diamonds and is expected to offer cheaper office space to smaller diamantaires who are unable to afford the high real-estate costs in neighbouring Mumbai. At the event where PM Modi was accompanied, by Gujarat Chief Minister Bhupendra Patel, BJP State President CR Paatil and Union Ministers Parshottam Rupala and Mansukh Mandaviya, diamond businessmen also announced that they have moved their business to Surat from Mumbai.

Speaking on the occasion, Vallabhai Lakhani, Chairman of SDB and head of Kiran Gems said, “Kiran Gems has completely closed the Mumbai office and have opened the first office in SDB with more than 1500 employees. I want to appeal to all SDB members — especially committee members — to start operating completely from SDB. By January 2024-end Dharmanandan Diamonds will also start functioning fully from SDB.”

Lalji Patel, a Director of SDB and head of Dharmanandan Pvt Ltd said that the project will attract buyers from 175 countries. Patel however remained silent about his company’s SDB plans.

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