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surat diamond bourse

Seeking membership: Global players keen to join Surat Diamond Bourse

Diamond merchants from Belgium, Dubai, Israeland Hong Kong are keen on joining the upcoming Surat Diamond Bourse and have applied for membership.

The proposed exchange, which has registered with the government, is likely to be almost as big as Mumbai'sBharat Diamond Bourse (BDB) and will be spread across 1.8 million square feet. The government is in the process of finalising the land for the exchange, Dinesh Navadiya, president of the Surat Diamond Association (SDA), told ET.

"The new bourse will facilitate diamond trade in Surat (and) will take almost two years to complete," he said. "The total investment will be around Rs 2,000 crore. Apart from global players, we have received 10,000 applications from the diamond trade from all over India." Surat is a global hub for the trade in polished diamonds with the turnover pegged at Rs 1.5 lakh crore.

Chandrakant Sanghavi, Gujarat regional director of the Gem and Jewellery Export Promotion Council (GJEPC), clarified that membership of the exchange doesn't mean Mumbai diamond traders who operate out of the Bharat Diamond Bourse have to move to Surat. "It is not mandatory. Whoever wants to shift to Surat can do it according to his own will. The exchange will help small and medium diamond units more, (those) who do not have the capability to set up shops in BDB," said Sanghavi.

Most traders and processors are not in a position to operate from Mumbai or from BDB. "Real estate prices in Mumbai are beyond their reach... Real estate is much cheaper (in Surat), the taxation structure is favourable and the entire processing activity is concentrated (there)."

For small and medium diamantaires, costs would be lower by a third if they are based in Surat, enabling them to invest further in business.

"It has become difficult particularly for small diamantaires to operate from Mumbai. Even some of the employees are unwilling to work from Mumbai as the cost of living has skyrocketed. Moreover, Surat is the hub of polished diamonds, therefore there is a ready ecosystem available for us to function," said Sanghavi.

To be sure, the diamond trade in India and global markets is yet to pick up. "Demand is slow now. From next month, overseas orders will start pouring in. The US and Europe markets will start putting in orders for the Christmas period from next month," he said.

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SURAT: Leading diamantaires from world's biggest diamond cutting and polishing centre in the city have formed a 30-member committee to establish the Rs 2,000 crore world class Surat Diamond Bourse (SDB).

The 'Chalo Surat' campaign gained momentum after a few Mumbai diamantaires readied to shift their trading offices from Bandra-Kurla Complex (BKC) to Surat.

The committee formed for the development of SDB includes owners of big diamond companies and Diamond Trading Company (DTC) sightholders.


Chairman of Shree Ramkrishna Export Govind Dholakiya; chairman of Venus Jewels S P Shah; chairman of Dharmanandan Diamonds Lalji Patel; chairman of Harekrishna Exports Savji Dholakiya; chairman of Sanghavi Exports Chandrakant Sanghavi; chairman of KARP Impex Kishore Virani; chairman of Laxmi Diamonds Vasant Gajera and chairman of Star Rays Dilip Mehta are among those in the committee.

The committee members plan to meet Narendra Modi after he takes oath as prime minister in New Delhi to press for the demand for an international airport at Surat and represent other issues like lifting of regulations on the consignment import of rough diamonds.

Surat Diamond Association (SDA) president Dinesh Navadia, who is also in the 30-member committee, told TOI, "The landslide victory of NDA under the leadership of Narendra Modi has given lot of hope to diamantaires. Things have started moving fast in the direction of developing a diamond bourse in Surat. The committee is soon going to announce purchase of 2 lakh square metre of land in the city."

Navadia added, "Mumbai diamantaires are eagerly waiting to shift their operations to Surat. Most of them have started looking for residential properties in and around Vesu and Parle Point areas in the city."

Dharmanandan Diamonds chairman Lalji Patel said, "The 'Achhe Din' has begun for the diamond industry as well. The dream of setting up the world's best diamond bourse in Surat will be realized soon."

The Surat Diamond Association (SDA) is bullish about the coming Surat Hira Bourse, a diamond exchange. Following Gujarat finance minister Saurabh Patel’s recent visit to Dubai, “Dubai-based Gold Souk and Dubai Multi Commodities Center (DMDC) decided to form an alliance with the state government to help set up a diamond business in Surat”, said a state government spokesperson.

Dinesh Navadiya, president of SDA, said, “We have not officially heard from the state government yet. However, the trip has provided a fillip to the Surat Hira Bourse, in terms of international reach. So far, we have received space requirement applications from traders alone, with about 9,500 bookings for 70,000-80,000 sq yards. We hope to hear from the government on land allotment soon.”

He added there would be additional space for ancillary services such as banks and financial institutions.

For diamonds, DMCC has strong ties with producer markets in Africa, cutting centres in Asia and consumers in Europe, China and the US.

Gold Souk is a marketplace comprising about 300 retailers who trade almost exclusively in jewellery. These retailers include established stores such as Damas, ARY Jewellery, Shyam Jewellery and Joy Alukkas. At any given point, the marketplace has about 10 tonnes of gold.

SDA members say for Surat Hira Bourse, the association aims to attract global diamond traders, including those from West Asia.

Registration of the Surat Hira Bourse is underway. Expected to start operations in two years, the exchange is being set up at a cost of Rs 2,000 crore. The bourse will bring those interested in the business of the precious commodity under one roof.

Kirti Shah, a Surat-based diamond polisher and trader, said various concerns had to be addressed before the bourse began operations. “Lack of a proper airport, an international one, will affect the bourse. Also, land is yet to be allotted and delay in this will further defer project completion,” Shah added.

surat diamond bourse sdb

surat diamond bourse

sdb

great and amazing thing 

polished diamond business will shifted in Surat.