SDB’s circular rocks Mumbai’s diamond industry
Surat (Gujarat) [India], January 19: In the diamond industry, it’s Surat vs. Mumbai. If the Surat Diamond Bourse (SDB) committee’s circular to its members is any indication, the Bharat Diamond Bourse (BDB) in Mumbai may get abandoned before December 22.
In a circular issued to its members, SDB committee stated that the members completely winding up their polished diamond trading from Mumbai will feature in the ‘leading members’ list on the huge display at the reception area of the SDB. Moreover, the members starting the polished diamond trading from SDB in the first phase will be provided with a 100% exemption from the payment of monthly maintenance for six months.
Industry leaders, especially in Mumbai, feel that the circular issued by SDB committee is not in the ‘good spirit’ and highly objectionable. If Surat is the diamond manufacturing hub, it is Mumbai that has given the true identity to the diamond industry in the world by being the diamond trading centre. The circular by SDB committee must be treated as a forcible on the members.
With the view to expediting the commencement of diamond trading at SDB, the committee members are hellbent on encouraging their members to wind up the trading offices in Mumbai and start their business at the SDB latest by December-22.
Sources said the allotment of offices at the SDB is going on a full swing. Many diamantaires have started the interior designing of their offices to start the trading business.
The SDB Committee is awaiting confirmation from the Prime Minister’s Office (PMO) over PM Narendra Modi’s visit to Surat for the inauguration of the world-class diamond bourse at Khajod.
A diamantaire asking anonymity told TBT, “SDB is three times bigger than its counterpart BDB in Mumbai. With about 4,200 offices, SDB will be the world’s largest diamond bourse. The circular issued by the SDB committee will entice many traders to vacate their offices at BDB and start their business from SDB before December-22”
“BDB in Mumbai will be deserted before December-22. Since all the big, small, and medium diamond offices will be at SDB, the merchants from Mumbai will shift to Surat for doing business”