Surat Diamond Bourse Inaugurated by PM Modi

December 18, 2023

Prime Minister Narendra Modi is set to inaugurate the Surat Diamond Bourse (SDB), touted as the world’s largest office space in a single project, on Sunday (December 17). Located in Gujarat, the complex surpasses the US Pentagon in capacity, boasting 4,200 diamond trading offices. SDB aims to shift and expand the diamond trading business from Mumbai to Surat, known for diamond cutting and polishing. The bourse, built at DREAM (Diamond Research and Mercantile) city, covers an area of 66 lakh square feet, costing Rs 3,200 crore.

Shifting Diamond Trading Hub

Background

Surat’s existing diamond trading market is currently situated in Mahidharpra Hira bazaar and Varachha Hira Bazaar, lacking security measures. A significant portion of diamond trading occurs in Mumbai, where office space is limited and expensive. The SDB is envisioned to centralize diamond businesses in Surat, providing state-of-the-art facilities for international buyers.

Project Timeline and Cost

Construction began in December 2017 and was completed in five years, overcoming challenges posed by the pandemic. The total project cost is Rs 3,200 crore.

Size and Design

Designed by Morphogenesis, the SDB is deemed larger than The Pentagon and features nine towers, each with ground plus 15 floors. It offers around 4,200 offices ranging from 300 to 7,500 square feet. All diamond-related activities, from the sale of rough diamonds to manufacturing machinery and diamond certificates, will be accommodated. The bourse also includes 27 retail outlets for diamond jewelry.

High-Security Measures

Over 4,000 CCTV cameras have been installed inside and outside the SDB for enhanced security. Bio-metric details of employees will be collected, allowing access to the complex through a biometric scan. The thematic landscaping follows the ‘panch tatva’ theme, representing the five elements of nature: air, water, fire, earth, and sky.

Economic Impact

The SDB is expected to provide direct employment to over 1 lakh people. All 4,200 offices have been sold, with the committee purchasing land from the state government at Rs 627 crore.

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