WHAT’S IN THE BAG

Project cost with each diamond merchants’ construction offices can be cost accommodated Modern security and surveillance technology, including face recognition, visitor monitoring Part of the larger Surat Dream City, built on the lines of GIFT City in terms of smart features crore, of which ~1,500 crore is the construction cost,” Navadia added. Till now, 4,250 members have signed for small and large offices at the bourse.

In sum, India will then have two global diamond bourses. Veterans explain that the country handles ~1 lakh crore worth of rough diamonds a year, with ~1.5 lakh crore of polished diamond exports. “The US has two-three such bourses. India, being the largest market, especially in polishing, needs more than one. The industry in Surat is fragmented into four-five business centres in various areas. These need to be consolidated and brought to a single place,” said Praveenshankar Pandya, chairman of the GJEPC.

Unlike some diamantaires in Surat, who said that almost 70 per cent of business could move from Mumbai’s BDB to Surat’s SDB, the former’s president, Anoop Mehta, said each would complement the other.

“Mumbai has historically been a trading hub, with multiple international flights, unlike Surat. Efficiency-wise in trading, Mumbai will always continue to maintain its hold. However, the smaller traders and cutters in Surat need to be organised. Plus, the manufacturing strength of Surat will complement the trading strength of Mumbai. SDB will do that, acting as a feeder to BDB,” Mehta told Business Standard.

Having awarded a construction contract, the SDB committee will soon begin work on giving the information technology infrastructure contracts. SDB aside, Surat Dream City (15 mn sq ft, to cost ~1.25 lakh crore) will house international banking and insurance facilities, world-class security surveillance, a dedicated customs house, freight forwarding and consolidation facilities, connecting corridors to the airport and highways, integrated ‘smart’ residential housing projects, entertainment and recreation facilities, hospitals and a sports complex, on the lines of GIFT City’s features. It will be built as a Wi-Fi enabled smart city, with committed power supply, drinking water and drainage systems, smart conveyance systems, back-up mechanisms, an international convention centre, international school and colleges, and five-star hotels and restaurants.