Step aside, Mumbai. Gujarat takes the
spotlight with the recently inaugurated Surat Diamond Bourse (SDB),
representing the pinnacle of India's diamond success story. Positioned as the
world's largest office space, this impressive facility is managed by the
non-profit SDB, exclusively established for this purpose. Serving as Surat's
second trading hub, the bourse spans 35.5 acres and accommodates up to 4,500
offices.
Radiant Surat: Long recognized as a
crucial player in the global diamond supply chain, the city of Gujarat has
consistently processed 9 out of 10 diamonds globally. The establishment of the
Surat Diamond Bourse positions India to become a global hub for all aspects of
the diamond trade. This comes at a crucial time when geopolitical tensions,
such as the G7's restrictions and ban on Russia-sourced gems, have impacted
diamond exports.
Silent Brilliance: The sheer magnitude
of the Gujarat-based bourse underscores the often understated nature of the
diamond business. India's leadership in the diamond industry is frequently
overlooked in discussions about the country's global achievements. Over the
past decades, Indian diamond-dealing communities, forming a closely-knit
ecosystem of families across continents, have exerted significant influence
over trading hubs, including the renowned Antwerp diamond district.
Dimming Luster: Declining demand in
affluent markets, including China, has led to a downturn in diamond exports.
Consequently, Indian diamantaires have scaled back financing from banks by a
third, dropping from $6 billion in fiscal 2023 to $4 billion this year. The
prices of specific categories of solitaires witnessed a 35% decline between
January and Diwali. In response, diamond traders temporarily halted imports for
two months, focusing on depleting existing inventories.
Homegrown Brilliance: To counteract the
slump, the industry anticipates a potential shift among Indians toward diamond
jewelry, potentially capturing 20% of the market. The Surat Diamond Bourse is
poised to inject renewed vitality into the business, ensuring that the sparkle
of India's diamond industry continues to shine brightly
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