The Bharat Diamond Bourse (BDB) is gearing up for a significant expansion with the announcement of plans to open 1,000 new offices. This development comes amidst challenges faced by its competitor, the Surat Diamond Bourse (SDB), which has been grappling with a high number of vacant offices.
Located 175 miles away, SDB has been experiencing difficulties attracting occupants, leading to the recent appointment of Govind Dholakia as its third chairman this year alone.
Despite its impressive size – officially the world’s largest office building with 7.1 million square feet of floor space – SDB has struggled to fill its over 4,500 offices since its opening last December. While some diamond companies initially relocated to SDB, such as Kiran Gems, the world’s largest rough diamond manufacturer, many have since returned to Mumbai.
In contrast, BDB currently occupies 8.1 hectares in 26 nine-story towers and accommodates 2,500 diamond traders. The decision to expand highlights BDB’s confidence and its ability to attract businesses.
The construction of SDB, which cost almost $400 million, was inaugurated by Prime Minister Narendra Modi, who promised a boost in job creation at the opening ceremony. “Surat diamond industry has been giving employment to around 8 lakh (800,000) people, and with the coming up of new diamond bourse, 1.5 lakh (150,000) more of them will get jobs,” he stated.
As the diamond trading landscape evolves, both BDB and SDB are faced with unique challenges and opportunities that will shape their futures in the industry.
