Surat Diamond Bourse Lures Small Traders, Faces Mixed Reactions

Surat : It’s better late than never’ is a proverb that aptly describes the current reality of the Surat Diamond Bourse (SDB), specifically when it comes to the stark reality of realising the indispensable role played by small brokers and merchants.As about 250 diamond offices will begin operations from July 7, the Surat Diamond Bourse management is leaving no stone unturned to facilitate the small traders and brokers. 

The small diamond brokers and merchants, who are the backbone of the Surat diamond industry, were long neglected by the diamond barons at the helm of the Surat Diamond Bourse, touted as the world’s largest office building. Even after the inauguration of the SDB by Prime Minister Narendra Modi on December 17, 2023, the diamond offices could not commence due to the absence of the broker community. 

Now, the SDB diamond bourse has realised their mistake and they have invited the small trader and brokers–a segment considered the lifeblood of India’s diamond trade, to operate from the Surat Diamond Bourse. 

Understanding the need of accessibility for small and medium diamond traders—especially those from Varachha and Mahidharpura—the SDB management has implemented specific policies to enable their visits. Dedicated bus routes starting on July 7 will guarantee dealers and brokers simple access to the exchange. From 8:15 am to 7:15 pm the buses will run on paths from Katargam to SDB, SDB to Katargam, Mini Bazaar to SDB, and SDB to Mini Bazaar.

In contrast to the thriving model of the Bharat Diamond Bourse (BDB) in Mumbai, which offers expansive trading halls for small-time traders at no cost, the Surat Diamond Bourse lacked similar provisions. This oversight not only marginalized a crucial sector of the diamond trading community but also compromised the bourse’s potential as a comprehensive trading hub.

Acknowledging their oversight, the Surat Diamond Bourse’s committee, led by chairman and BJP Rajya Sabha MP Govind Dholakia and vice-chairman Lalji Patel, orchestrated a meeting with small brokers and merchants at the traditional diamond market of Mahidharpura. Their aim was to encourage these traders to conduct business at the Surat Diamond Bourse.

The committee assured the small diamond brokers and merchants of various facilities, including parking and a lunch hall, to facilitate seamless trading at the bourse. Additionally, special transportation services between Mahidharpura and the Surat Diamond Bourse at Khajod were promised, with buses scheduled to run every 30 minutes throughout the day.

“We received an overwhelming response from the small brokers and merchants from Mahidharpura diamond market. They have all agreed to commence business from the Surat Diamond Bourse on July 7” revealed a committee member.

Despite the committee’s assurances, skepticism persists among some small brokers and traders. The absence of a dedicated trading floor for them within the diamond bourse remains a significant deterrent.

Expressing concerns, one diamond broker, speaking on condition of anonymity, stated, “At the Mahidharpura diamond market, we arrive on our personal motorcycles carrying small packets containing diamonds. If we go to the Surat Diamond Bourse, we will have to board the special bus provided by the SDB. This bus could be an easy target for robbers.”

Another broker, Raju Patel, echoed similar sentiments, questioning the need to travel 25 kilometers to the Surat Diamond Bourse when they have conducted business in Mahidharpura for years.