During the opening ceremony of the Surat diamond bourse in Gujarat, Prime Minister Narendra Modi highlighted the market's function as a "one-stop shop" for artisans and businesspeople and announced intentions to create 150,000 new employment. Surat, Modi's native state, is well-known for its diamond industry, which processes 90% of the world's raw diamonds. The Surat Stock Exchange is well-positioned to help the city achieve its goal of being the diamond capital of the world.
Advantages of Surat Diamond Bourse
The bourse is widely recognized as the largest office building in the world, spanning an astounding 6.6 million square feet—even larger than the Pentagon, which occupies 6.5 million square feet. Modi was hopeful that the facility, which will have international banking, secure vaults, and a jewelry mall, would create more jobs when it is fully functioning.
More than 4,000 closed-circuit television cameras will be installed in SDB, and around 27 retail jewelry establishments will open their doors.
The bourse will hold a wide variety of infrastructure and operations associated to diamonds. It consists of nine buildings, each with ground plus fifteen stories. Everything from lab-grown diamonds to diamond certificate firms to diamond manufacturing machinery to software for diamond planning falls under this category.
The diamond industry of Surat
The inauguration takes place while the diamond industry in Surat is struggling to cope with a 29% drop in India's polished diamond exports to $10 billion between April and October, caused by a slump in worldwide demand for diamonds.
Even though Surat is already the world's largest exporter of diamond jewelry, Modi highlighted the opportunity for growth in two new gem types: lab-grown diamonds and silver cut diamonds. He emphasised that India's present percentage of worldwide gems and jewelry exports is a meager 3.5%, and he foresaw Surat playing a crucial role in raising this percentage to "double-digits."
Modi made the sector a priority for export development and promised continuous assistance, along with a variety of incentives. With this inauguration, Surat has taken a giant leap forward on its path to being a diamond industry mecca.
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