Surat Diamond Bourse: In the inauguration ceremony of the Surat diamond bourse in Gujarat, Prime Minister Narendra Modi revealed plans for the creation of 150,000 new jobs, emphasising the bourse’s role as a “one-stop shop” for artisans and businessmen. Surat, Modi’s home state, is renowned for cutting and polishing 90% of the world’s rough diamonds, and the bourse is positioned to support the city’s aspirations to become the world’s diamond capital.
Surat Diamond Bourse features
Spanning an impressive 6.6 million square feet, the bourse is heralded as the world’s largest office building, surpassing even the Pentagon with its 6.5 million square feet. Modi expressed optimism that the facility, once fully operational with features like international banking, safe vaults, and a jewelry mall, would generate additional jobs.
Comprising nine towers, each featuring ground plus 15 floors, the bourse will house a comprehensive range of diamond-related activities and infrastructure. This includes the sale of rough diamonds and polished diamonds, diamond manufacturing machinery, software used in diamond planning, diamond certificate firms, lab-grown diamonds, and more.
Surat’s diamond industry
The inauguration occurs amid challenges faced by Surat’s diamond industry, grappling with a slowdown in global demand for polished diamonds, leading to a 29% decline in India’s April-October polished diamond exports to $10 billion.
While acknowledging Surat’s leading position in diamond jewelry exports, Modi emphasised the potential for growth in silver cut diamonds and lab-grown diamonds. He highlighted that India’s current share in global gems-jewelry exports is only 3.5%, envisioning Surat’s pivotal role in increasing this share to “double-digits.”
Promising ongoing support for the sector, Modi pledged a range of incentives and declared it a focus area for export promotion. The inauguration marks a significant step in Surat’s journey towards becoming a global hub for the diamond industry.