Jolt For Mumbai As Top Diamond Merchants Plan To Shift Base To Gujarat

In a major setback for the financial hub of India Mumbai, leading merchants are planning to shift their base soon to Gujarat's Surat. Surat is preparing in full swing for the grand opening of the Surat Diamond Bourse (SDB), touted as wold's largest office building, in December. The bourse has been built at an approximate cost of Rs 3,400 crore without any support of government as Surat seeks to replace Mumbai as the country's leading diamond hub.

Meanwhile, renowned billionaire diamond businessman Vallabhbhai Lakhani, Kiran Gems Director, has already moved his base to Surat and has begun developing a mini-township for his employees.

According to reports, approximately 1000 offices are expected to close operations in Mumbai in order to relocate. The move may also impact Maharashtra's tax revenue, according to Surat Diamond Bourse committee's member.
As of now Surat Diamond Bourse complex has nine interconnected towers with 15 floors each and spread over 67 lakh square feet. The office building is reportedly larger than the Pentagon. At present, the complex has the offices of approximately 4,500 diamond companies.

As per reports, at present Bharat Diamond Bourse (BDB) in Mumbai's Bandra-Kurla Complex is the world's largest diamond complex, with 2,500 offices spread over 2 lakh square feet.

Speaking about the dependence of diamond traders on Mumbai, Dinesh Bhai Navadiya, a member of the SDB managing committee, said that they had to open their offices in Mumbai, due to the presence of an international airport, to manage the export of their products across the world, according to an India Today report.

However, with the construction of SDB, diamond merchants from across India have come under the house. Pointing out that the world's largest customs house, which is also ready to get operationalised along with SDB, Navadiya hoped that the Central government will give its green signal to begin international flights from Surat, stated the India Today report.

He also said that SDB will also offer great boost to the real-estate sector in Surat as several companies have also brought in their workers from different cities.

According to him, the complex will be inaugurated by Prime Minister Narendra Modi in December. Exact date is yet to be shared.

Meanwhile, reports state that Vallabhbhai Lakhani has shifted his Rs 17,000-crore business to Surat after running it from Mumbai for nearly 30 years.

Vallabhbhai Lakhani has built a township of 1,200 apartments in Surat to accommodate families of nearly 2,500 employees. He has also offered basic civic amenities in the apartments.