Construction of Surat Diamond Bourse Commences

Finance and Trade
23/10/2016 18:05

Gujarat chief minister Vijaybhai Rupani on Sunday laid the foundation stone for the Surat Diamond Bourse (SDB), saying it would put the city and the state on the map of world. "With this complex becoming operational, Surat will find its place among the world diamond trading hubs. This will boost the trade prospects for diamond traders from Surat," said Rupani. SDB is a company floated by diamond barons who plan to invest Rs1.25 trillion to establish it over a period of four years. Representatives of the company will submit a formal expression of interest to the Gujarat government regarding the proposed investment during the next Vibrant Gujarat summit. This is the second time SDB’s foundation stone has been laid in less than two years. In February 2015, the then chief minister Anandiben Patel laid its foundation stone, but delays in allotment of land and other issues held up the project.

The complex will be spread across 36 acres, house more than 400 offices with construction totalling 6.5 million square feet. In addition to offices for traders, the complex will have trading hall, self deposit vaults, museum, food zone, banks, custom office, amphitheater, money transfer facilities, travel desk, retail zone, auction house, security control room and club besides other basic facilities. SDB is likely to pose a challenge to Bharat Diamond Bourse; currently more than 90% of diamonds manufactured in Surat are traded in Mumbai and exported to countries across the world. SBD believes the complex will eventually create employment for over a hundred thousand people.