Top Diamond Trader Relocates Rs 17,000-Crore Business from Mumbai to Surat
Top Diamond Trader Relocates Rs 17,000-Crore Business from Mumbai to Surat
In a seismic shift in India’s diamond industry, Surat is poised to outshine Mumbai as the nation’s premier diamond trading hub with the imminent opening of the Surat Diamond Bourse (SDB) in December.
This revolutionary development is prompting influential diamond merchants to migrate from Mumbai to Surat, a move that could significantly impact Maharashtra’s tax revenue.
Billionaire diamond trader Vallabhbhai Lakhani, the Director of Kiran Gems, has made a pioneering decision by transferring his Rs 17,000-crore business to Surat. In addition, he is creating a mini-township to house his employees, signifying the transformation underway in Surat’s economic landscape.
The Surat Diamond Bourse complex is a marvel, comprising nine interconnected towers with 15 floors each, sprawling over 67 lakh square feet of space, dwarfing even the Pentagon in size. Presently, it accommodates the offices of nearly 4,500 diamond companies. This colossal complex is set to surpass the Bharat Diamond Bourse (BDB) in Mumbai’s Bandra-Kurla Complex as the world’s largest diamond trading center.
Dinesh Bhai Navadiya, a member of the SDB managing committee, acknowledged the historical reliance of diamond traders on Mumbai due to its international airport’s proximity, which facilitated global exports. However, the construction of SDB has enticed diamond merchants from across India, reshaping the industry landscape.
Navadiya is optimistic about the prospects of an operational customs house alongside SDB and envisions the commencement of international flights from Surat with Central government approval. Moreover, SDB’s ripple effect is poised to invigorate Surat’s real estate sector as companies have brought in their workforce from different cities.
Prime Minister Narendra Modi is expected to inaugurate the complex in December, although the exact date remains pending.
One of the industry’s giants, Vallabhbhai Lakhani, has already relocated his Rs 17,000-crore enterprise to Surat after nearly three decades of operations in Mumbai. He has concurrently developed a township comprising 1,200 apartments in Surat to house the families of 2,500 employees, complete with essential civic amenities.
As SDB opens its doors, Lakhani’s employees will make the transition to these newly constructed apartments, marking a significant chapter in the rise of Surat’s diamond industry.
(Source – India Today)
