In a monumental transformation within India’s diamond industry, Surat is set to overtake Mumbai as the country’s premier diamond trading hub with the upcoming inauguration of the Surat Diamond Bourse (SDB) in December. This revolutionary development is leading influential diamond merchants to make the significant move from Mumbai to Surat, potentially reshaping Maharashtra’s tax revenue landscape.
1. Surat’s Shining Moment: A Diamond Trading Revolution:
Surat is on the cusp of a historic transformation, poised to emerge as India’s diamond trading epicenter. With the imminent opening of the Surat Diamond Bourse (SDB), influential diamond traders are making the switch from Mumbai to Surat. This monumental shift could have far-reaching implications for the state of Maharashtra.
2. Kiran Gems Director’s Billion-Dollar Decision:
Renowned diamond trader Vallabhbhai Lakhani, the Director of Kiran Gems, is making waves with his pioneering decision to relocate his Rs 17,000-crore diamond business from Mumbai to Surat. His bold move underlines the sweeping changes taking place in Surat’s economic landscape, where a mini-township for his employees is taking shape.
3. Surat Diamond Bourse: The Colossal Game-Changer:
The Surat Diamond Bourse complex is a true marvel, consisting of nine interconnected towers, each boasting 15 floors and spanning an impressive 67 lakh square feet. This complex dwarfs even the Pentagon in size and houses offices for nearly 4,500 diamond companies. Surat’s emergence as the world’s largest diamond trading center is on the horizon, overshadowing Mumbai’s Bharat Diamond Bourse.
4. A Paradigm Shift in the Diamond Industry:
Dinesh Bhai Navadiya, a key figure in the SDB’s management, acknowledges the historical significance of Mumbai as a diamond trading hub, driven by its proximity to an international airport facilitating global exports. However, the allure of the Surat Diamond Bourse is drawing diamond merchants from across the nation, reshaping the industry’s dynamics.
5. Surat’s Soaring Prospects: A Rising Economic Force:
As the Surat Diamond Bourse welcomes the industry’s giants, like Vallabhbhai Lakhani, with open arms, a significant economic shift is underway. Lakhani, with a Rs 17,000-crore enterprise, has not only relocated but is also developing a township comprising 1,200 apartments in Surat to accommodate the families of 2,500 employees. This development signifies a pivotal moment in the ascent of Surat’s diamond industry.
The imminent rise of the Surat Diamond Bourse signifies a monumental shift in India’s diamond industry. With influential figures like Vallabhbhai Lakhani leading the way, the economic landscape of Surat is undergoing a transformation that could reshape the nation’s diamond trade. As Surat prepares to take the global stage, all eyes are on the forthcoming inauguration in December.
