On November 21, Prime Minister Narendra Modi is set to inaugurate the Surat Diamond Bourse (SDB), a groundbreaking project that is being hailed as the world’s biggest office space in a single development. This ambitious initiative aims to expand and relocate the diamond trading business from Mumbai to Surat, the diamond-cutting and polishing hub of India. With its grand scale, state-of-the-art infrastructure, and focus on promoting trade, innovation, and collaboration, the Surat Diamond Bourse is poised to become a central pillar of India’s diamond industry and a testament to the country’s entrepreneurial spirit.
A Solution to Mumbai’s Space Crunch
Mumbai’s diamond trading market currently faces challenges due to limited space and expensive office real estate. The Surat Diamond Bourse offers a compelling solution by providing a vast office space spread over an impressive 66 lakh square feet area at DREAM (Diamond Research and Mercantile) city. Interestingly, the Surat Diamond Bourse is even larger than the iconic Pentagon in the United States, making it a symbol of architectural prowess.
An Array of Offices and Facilities
The Surat Diamond Bourse will accommodate over 4,200 offices, ranging in size from 300 square feet to 7,500 square feet, distributed across nine towers, each having ground plus 15 floors. This vibrant complex will host a wide array of diamond-related activities and facilities, including the sale of rough and polished diamonds, diamond manufacturing machinery, diamond planning software, diamond certificate firms, and even lab-grown diamonds. Additionally, the bourse will house 27 retail outlets dedicated to diamond jewelry, catering to both national and international buyers.
High-Security Measures
Given the valuable and sensitive nature of the diamonds traded within the Surat Diamond Bourse, security is of utmost importance. To ensure a safe environment, over 4,000 CCTV cameras have been strategically installed both inside and outside the complex. Furthermore, access control will be strictly maintained, with employees required to provide their biometric details, enabling them to gain entry through a biometric scanning system.
Economic Boost and Employment Opportunities
The Surat Diamond Bourse is expected to provide a significant boost to India’s economy. It will serve as a catalyst for increased trade, innovation, and collaboration within the diamond industry. Moreover, the project is estimated to generate direct employment for over 1 lakh people, further strengthening the local economy and creating numerous job opportunities.
Challenges and Opportunities for Local Businesses
Though the Surat Diamond Bourse presents exciting prospects for local businesses, there are challenges that need to be addressed. Connectivity remains an issue, as Surat has limited international flights compared to Mumbai’s bustling airport. Additionally, the absence of seven-star hotels and the prohibition law may pose certain inhibitions for some businessmen to fully shift their operations to Surat. However, many diamond merchants from Mumbai have already shown interest and booked offices in the bourse, which could lead to dual business operations between Mumbai and Surat for larger companies.
The Governing Body
The World’s Largest Office Space SDB is governed by a core committee consisting of seven influential members from the diamond industry, including Vallabhbhai Lakhani, the chairman of the committee and owner of Kiran Gems, the largest diamond firm in Surat. The committee also includes prominent players like Arvind Dhanera, Govind Dholakia, Sevantibhai Shah, Diyalbhai Vaghani, Lalji Patel, and Mathurbhai Savani, all renowned in the diamond trade. The collective expertise of these members ensures effective management and success of the project.
Conclusion
The Surat Diamond Bourse stands as a testament to India’s ambitious spirit, exemplifying the growth and dynamism of Surat’s diamond industry. With its expansive office space, cutting-edge facilities, and focus on promoting trade and innovation, the bourse is set to become a global hub for the diamond trade. As it opens its doors on November 21, the Surat Diamond Bourse is poised to elevate India’s diamond industry to new heights, creating a powerful impact on the economy and providing countless employment opportunities for the nation.
