Surat Diamond Bourse Owners Face Losses as Business Activity Remains Stagnant

Surat : Surat Diamond Bourse (SDB), once hailed as the world’s largest office building and the future hub of the diamond trade, is facing a growing crisis. Business activity inside the grand structure remains virtually nonexistent, leaving many office owners frustrated and contemplating selling their properties at a loss.

Haribhai Patel (name changed), a diamond company owner, recently sold his office space in SDB at a significantly lower price than he purchased it for, incurring a huge financial setback. “I had no choice but to sell at a loss. Business hasn’t started, and I was only bleeding money on maintenance costs,” he said. Patel is not alone—many office owners are facing similar distress.

Hopes Turn to Disappointment

Last year, the price of office spaces at SDB surged to ₹9,000–₹10,000 per square foot after the bourse committee announced that several diamond traders from Mumbai were planning to relocate. The management also introduced lucrative incentives such as maintenance waivers and other perks to attract buyers. However, the promises have failed to materialize.

On the other hand, the prices of the office spaces at the Bharat Diamond Bourse (BDB) in Mumbai have skyrocketed to Rs 85,000 per square feet. Last week, a diamond company owner from Surat purchased a 150 square feet office at the BDB for Rs 81,000 per square feet. However, the BDB has overshadowed the world’s largest office building in Surat.

Currently, sources indicate that fewer than 10 offices are operational within the massive complex, with the rest sitting vacant. “We were promised a bustling diamond hub, but instead, we are paying high maintenance fees for empty offices,” lamented a Surat-based trader who requested anonymity.

Rising Costs, Zero Returns

Adding to the frustration, office owners are being charged maintenance fees of ₹10 per square foot every three months, even though their spaces remain unused. Many of these offices, still unfinished, are also receiving electricity bills despite having no operations running inside.

“The cost burden is unbearable. We invested believing that Surat Diamond Bourse would be a game-changer, but instead, we are stuck with idle properties and growing expenses,” said another diamond business owner.

Future of SDB in Question

The current crisis at SDB raises serious concerns about its future. With minimal occupancy and no business activity, traders who once believed in Surat’s potential as a global diamond hub are now reconsidering their investments.

As discontent grows, office owners are demanding intervention from the management to address the challenges they face. Without urgent measures to bring in businesses and ease financial strain, the dream of Surat Diamond Bourse becoming a thriving diamond marketplace may remain just that—a dream.