Cracks Appear in Surat Diamond Bourse Management Ahead of PM Modi’s Visit

Surat : As the countdown begins for Prime Minister Narendra Modi’s inauguration of the world’s largest office building, the Surat Diamond Bourse (SDB), on December 17th, internal turmoil within the managing committee has come to light. Sources close to the matter reveal a rift between the top leadership and a prominent figure in the diamond industry, known for his pioneering work in water revolution.

This individual, who held key positions in the SDB until recently, has been allegedly sidelined and stripped of his responsibilities. This decision, reportedly fueled by accusations of past misdeeds, has created tension within the organization. This internal conflict coincides with a legal battle initiated by Ahmedabad-based PSP Projects Limited to recover an outstanding amount of Rs. 538 crore from the SDB.

The simmering discord became evident during the recent inauguration of 135 diamond offices at the SDB on November 21st. Notably, the prominent figure was absent from the ceremony, further fueling speculation about his marginalization. Additionally, the crucial position of SDB president was assigned to Nagjibhai Sakariya, adding fuel to the fire.

Sources indicate that the SDB committee faces immense pressure due to a Surat court order demanding a bank guarantee of Rs. 100 crore in connection with the PSP Projects case. Diamond industry leaders are scrambling to resolve the dispute before the Prime Minister’s visit to avoid casting a shadow over the event.

The internal strife within the SDB management raises serious concerns about its ability to function effectively and fulfill its ambitious vision. As the world’s largest diamond trading hub prepares for its official launch, the shadows of internal conflict and legal battles threaten to overshadow the momentous occasion.