Nearly two years after its grand inauguration by Prime Minister Narendra Modi, the Surat Diamond Bourse (SDB), which holds the title of the world's largest office building, is still far from being fully operational. Despite the ambitious vision of transforming Surat into a global diamond hub, the vast complex, with space for 4,200 offices, currently has only about 50 units actively functioning.
A Grand Vision Meets Ground Reality
The SDB was inaugurated with much fanfare on December 17, 2022, marking a significant milestone for Surat's diamond industry. Developed at a cost of Rs 3,200 crore as part of the DREAM City project, the bourse was envisioned to rival the famed Bharat Diamond Bourse in Mumbai. The building's sheer scale is staggering: it spans a carpet area of 67,28,604 square feet across nine 15-storey towers, making it larger than the Pentagon in the United States.
However, the reality on the ground tells a different story. Bookings for offices opened nearly five years ago, yet the SDB management faces an uphill task in convincing diamond traders to shift their operations. Most of the buyers who secured office spaces have shown little interest in commencing business from the new location.
Key Challenges Hindering Full Operation
Officials cite several reasons for the slow uptake. A primary concern for traders is the limited international connectivity and cargo facilities in Surat. For a city aiming to be a global diamond trading center, the lack of direct infrastructure for handling precious cargo is a major impediment.
The Gem and Jewellery Export Promotion Council (GJEPC) has stepped in to address this. Jayanti Savaliya, regional chairman of GJEPC, confirmed that representations have been made to customs and airport authorities. "The authorities are examining various possibilities to provide the necessary infrastructure," Savaliya stated.
Another significant hurdle is relocating the established diamond trading community. A major cluster of traders operates from Mahidharpura in the city, where around 200 top traders and at least 2,000 other traders and brokers have their offices. Efforts, including meetings chaired by then minister of state for home Harsh Sanghvi in July, are ongoing to encourage a shift to the new bourse.
Management Optimistic About Future Move-In
Despite the current vacancy, SDB committee officials express optimism. Arvind Shah, president of the SDB committee, pointed out that furniture work is progressing in many offices. "Once it is complete, the traders will move in," Shah said.
Echoing this sentiment, Lalji Patel, vice-chairman of the SDB committee, revealed that recent meetings have generated renewed interest. "Traders have shown interest in starting offices. In January, we are hoping to see more offices become operational," Patel added.
Vallabh Lakhani, a former SDB chairman and one of the few currently operating from the bourse, highlighted the operational model. "We are the only diamond manufacturer in SDB that exports directly from here. After customs clearance, our goods go directly to Mumbai airport," he explained, expressing hope for the bourse to become fully functional soon.
The Surat Diamond Bourse stands as a testament to grand ambition, but its journey to becoming a bustling trade center hinges on overcoming critical logistical challenges and convincing a traditional industry to embrace a new home.
