Today, December 17, Prime Minister Narendra Modi will officially open the recently constructed Surat Diamond Bourse in Surat, Gujarat. Located in Surat, the SDB is a diamond trading facility created by the architectural studio Morphogenesis. The building surpasses The Pentagon to become the largest office building in the world. Here are the features of the Surat Diamond Bourse, the hub of the diamond industry.
PM Modi To Inaugurate Surat Diamond Bourse
In Surat tomorrow, the Surat Diamond Bourse will be inaugurated. This will be a major boost to the diamonds industry. The ‘Customs Clearance House’, Jewellery Mall and facility of International Banking and Safe Vaults will be significant parts of the Bourse. pic.twitter.com/rJxwGxmCJb
— Narendra Modi (@narendramodi) December 16, 2023
According to a statement from the Prime Minister’s Office (PMO), Surat Diamond Bourse would be the biggest and most cutting-edge hub for the global diamond and jewellery industry after its launch. The Bourse is set to house a cutting-edge ‘Customs Clearance House’ catering to the import and export trade, a jewellery mall catering to the retail jewellery sector, and a facility housing safe deposit boxes and international banking.
According to the statement, it will be the biggest and most advanced hub for global trade in diamonds and jewellery in the world. It will serve as a major international hub for the trade of jewellery and polished and unpolished diamonds. Modern “Customs Clearance Houses” for import and export, a jewellery mall for retail jewellery sales, an international banking facility, and safe vaults are all part of the bourse.
PM Modi discussed the Diamond Bourse launch on X on Saturday, Dec 16. The Surat Diamond Bourse will be opened in Surat tomorrow. The diamond business is going to benefit greatly from this. Important components of the Bourse will include the “Customs Clearance House,” the Jewellery Mall, the International Banking facility, and the Safe Vaults. He also posted several stunning images of the Bourse.
Built for almost ₹3,500 crore, the 67 million square feet of floor space in the building can house more than 4,500 workplaces for the diamond trade.
Also Read: What Is Surati Locho, The Gujarati Snack? Do Make It Easily At Home
The Megastructure Includes 9 Ground Towers, 15 Stories & More
The megastructure has nine ground towers and fifteen stories, totalling one lakh square feet to one lakh square feet of office space. The towers are connected by a central spine. The building has received a platinum grade from the Indian Green Building Council (IGBC).
In August of this year, the building, which is a part of Diamond Research and Mercantile (DREAM) City, was recognised by Guinness World Records as the largest office building globally. Vallabhbhai Lakhani, the billionaire diamond trader and director of Kiran Gems relocated his ₹17,000-crore business to Diamond Bourse and is currently developing a mini-township to house his employees.
Resumption Of Rough Diamond Trade:
On December 15, the Indian diamond industry resumed importing raw diamonds, which it had voluntarily stopped two months earlier due to poor demand. The period of the suspension ran from October 15 to December 15.
In order to resolve the issues surrounding the mismatch between supply and demand, the Gems and Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Mumbai Diamond Merchants Association, Surat Diamond Bourse, and Surat Diamond Association unanimously decided to suspend.
However, as geopolitical tensions continue to have an impact on the global economic environment, the groups have urged the industry to continue being cautious and well-prepared for the uncertainties that lie ahead.
Also Read: Inside The Ghogha Hazira RO-RO Ferry Which Connects Surat To Saurashtra!
Comment below and share your thoughts about India’s biggest diamond hub.
Cover Image Courtesy: Narendra Modi/ X (Formerly, Twitter)
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