Surat Diamond Bourse looks up to lab-grown diamonds

Surat : The Surat Diamond Bourse (SDB), touted as the world’s largest office building bigger than the Pentagon in the United State, is now pinning its hope on the lab-grown diamond business for the success of the diamond bourse operations in the coming months. In an effort to give a new lease of life, a meeting has been scheduled with the  Lab Grown Diamond Association (LGDA) on October 5.

According to Lalji Patel, chairman of Dharmanandan Diamonds and the key office-bearer of Surat  Diamond Bourse (SDB), about 40 diamond traders from the diamond markets in Mahidharpura and Varachha will be visiting the Surat diamond bourse for the purchase of diamonds starting from Dusshera. There are about 1,000 diamond offices in Mahidhapura and Varachha and they all are going to visit the diamond bourse for the purchase of diamonds.

About 250 offices were opened on July 7 at the Surat Diamond Bourse.

“About 150 cabins have been made for the small diamond traders and a dedicated trading hall for about 500 to 600 diamond traders for the trading of diamonds. The cabins will be given away on rent for the diamond traders, while the traders will be provided tables for trading polished and rough diamonds at the Surat Diamond Bourse (SDB)” said Patel

Prime Minister Narendra Modi inaugurated the SDB at Khajod in Surat on December 17, 2023. It has since struggled to attract the expected business activity.

Despite the grand opening and investment of over ₹3,400 crore, the bourse has not received the anticipated response, with many offices still unoccupied.

To address this, the bourse committee has invited the LGDA for discussions aimed at the growing lab-grown diamond market into the bourse’s offices.

Currently, only 50 to 60 offices are operational out of 250 offices in the bourse. Mumbai traders visit the bourse every 10-15 days, and around 40 traders have shown interest in opening their offices soon.

Given the current recession in the natural diamond industry, the lab-grown diamond sector is gradually gaining market share. The upcoming meeting aims to facilitate lab-grown diamond trading within the bourse, potentially boosting activity and utilisation of the office at the bourse.

The bourse committee is optimistic that this initiative will help in making the bourse a hub of diamond trade once again.