Surat Diamond Bourse Announces 190 Diamond Companies and Traders to Start Operations on November 21

It is worth noting that the office-bearers of SDB have faced controversy and criticism from the Mumbai diamond industry, particularly the Bharat Diamond Bourse (BDB), for offering lucrative incentives to diamond companies and traders to begin operations at SDB earlier.

By TBT Web Desk On Jul 5, 2023

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Surat : Surat Diamond Bourse (SDB) has released a list of 190 diamond companies and traders that will commence their business operations at the SDB diamond bourse in Khajod on November 21, 2023. According to the committee members of the SDB bourse, these companies and traders have voluntarily agreed to establish their offices in the diamond bourse starting from the specified date. In response to rumors spread by certain vested interests in Mumbai’s diamond trade, Diinesh Navadia, a senior committee member, clarified that the diamond companies with offices in SDB have unanimously decided to commence operations at the bourse from November 21.

It is worth noting that the office-bearers of SDB have faced controversy and criticism from the Mumbai diamond industry, particularly the Bharat Diamond Bourse (BDB), for offering lucrative incentives to diamond companies and traders to begin operations at SDB earlier. SDB announced that the first-comers to the diamond bourse would be entitled to a one-year waiver for maintenance fees and that their names would be engraved on the entry gates.

Interestingly, the SDB, constructed at a cost of Rs 3,000 crore, comprises approximately 4,500 offices. However, out of these offices, only 190 diamond companies have expressed their willingness to initiate operations from November 21. The official inauguration of the SDB, initially planned to be conducted by Prime Minister Narendra Modi, is yet to be announced by the office-bearers.

Dinesh Navadia, a committee member of SDB, stated, “The official inauguration of SDB by PM Narendra Modi will be announced soon. PM Modi may inaugurate the SDB before or after November 21, but it is certain that the diamond companies will commence operations on the given date.”

Notably, the SDB Diamond Bourse, a company established by diamantaires for the SDB project, is not included in the list of companies shifting to SDB on November 21. The SDB Diamond Bourse is located at Tapti Exports, Gotalawadi, Katargam in Surat.

Apart from the prominent diamond company Kiran Gems, promoted by Vallabh Lakhani, who also serves as the chairman of SDB Diamond Bourse, and Dharmanandan Diamonds, the list published by the SDB Diamond Bourse does not include any other major diamond companies starting their offices at SDB.