PM Modi Inaugurates Surat Diamond Bourse: Mumbai’s Diamond Future At Stake?

Gujarat has been known for its food, textiles and of course the renowned diamond industry. With the introduction of the Surat Diamond Bourse, the ‘flow of business’ in Gujarat is going to undergo a big change. 

The Prime Minister, Shri Narendra Modi on Sunday inaugurated the Surat Diamond Bourse, a ‘first in class’ building that will accommodate facilities such as international banking, safe vaults, and a jewellery mall and also pave the way for the creation of 150,000 new jobs during his visit to Gujarat.

Along with this, he also inaugurated the new terminal building of Surat Airport, which can handle 1200 domestic passengers and 600 international passengers. 

Coming back to the Surat Diamond Bourse has been constructed in 6.7 million square feet and will be a pinnacle of excellence for Gujarat. 

As per the Press release by the Prime Minister’s office, the most notable of the points in his speech were as follows: 

He proudly said, ” A New diamond has been added to the magnificence of Surat City”. He further went on to add to the excellence by stating “The Surat Diamond Bours showcases the abilities of the Indian designs, designers, materials and concepts. This building is a symbol of New India’s capabilities and resolutions.” 

He also went on to give optimism to the people stating that “If Surat Decides, then our share in gems-jewellery export could touch the double digits. Surat is continuously connecting with the international trade centres and very few cities in the world have such international connectivity.” 

He further gave a positive outlook stating that a lot of job generation will come from this. 

Surat Diamond Bourse: Future Outlook for Gujarat: 

Speaking on the event of the inauguration of Surat Diamond Bourse,  it is foreseen as a global centre for trading rough and polished diamonds and Jewellery. The complex will also host a state-of-the-art Customs Clearance House for imports and exports. 

PM Modi also gave interesting details wherein he said 

” The government is working on measures like declaring the gem and jewellery sector as a focus area for export promotion, encouraging patented design, diversifying export products, collaborating for better technology and also promoting lab-grown or green diamonds. He even said that the government is working on providing special provisions for green diamonds in the budget. 

The sector is bound to benefit from the positive outlook towards India and the growing stature of the ‘ Make in India’ brand. 

Mumbai’s elegance now in Gujarat? 

In an interesting turn of events, Mumbai has been a major trade centre for Indian diamond exporters and Surat processes a large chunk of the world’s rough diamonds, which are cut and polished in the city before being exported. 

The inauguration of the Surat Diamond Bourse is poised to centralise the diamond industry, thereby making it into one of the biggest hubs in the world. 

In doing so, the Maharashtra economy might face a big set back whereas the Gujarat economy will be riding high on the boost that it got out of this new revelation. 

Propelling the Gem Industry through Connectivity: 

Whilst speaking about connectivity in Surat, he stated that Surat International Airport, metro rail service and ports including the Hazira Port, deep water LNG terminal and multi-cargo ports make it a hub for international connectivity. 

Surat’s potential connectivity with the Bullet Train Project and the ongoing Western Dedicated Freight Corridor would further strengthen the rail connectivity of Surat to Northern and Eastern India, said PM Modi. 

Finally, the Delhi- Mumbai Expressway is also on the way to providing new opportunities to the business of Surat, he added. 

Final Note: 

The Surat Diamond Bourse would be the World’s largest and most modern centre for the International diamond and jewellery business. The centre will be a global epicentre for trading both rough and polished diamonds as well as jewellery. 

With this will India be one step closer to a $5 trillion economy? 

We’ll be back soon with more updates and interesting news. 

Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease

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