New Diamond Bourse in the Works for Surat

RAPAPORT... Construction is under way to develop a diamond bourse in Surat that will house more than 4,400 diamond merchants. The complex is scheduled to be completed in 2020, and to be fullyoperational by the following year, spokespeople for the project told Rapaport News.Located near the international airport, the Surat Diamond Bourse (SDB) willconsist of nine towers covering 6.6 million square feet. It will contain its own independentcustoms office, international banking facilities and diamond-testinglaboratories, among other businesses. The bourse will be located inside agovernment-planned Diamond Research and Mercantile (DREAM) City.While Surat is well known for its diamond manufacturing sector, and is home to many of the largest polishing factories, the city doesn't have a well-structured trading base. Developers expect the new complex to eclipse the diamond exchanges in Mumbai, Israel and Belgium in terms of scale and activity."This diamond bourse will be the biggest market of [rough] and polished diamonds," spokespeople said in statement. "Diamond merchants will now be able to deal directly deal with international diamond merchants, without having to travel abroad."More than 700,000 people are employed in the diamond industry in the province of Gujarat, with the majority in Surat, the SDB noted. An estimated 150,000 are expected to work in the bourse.