Diamond office loses glitter
Imposing complex lies vacant over security concerns
Asia’s third-largest diamond trading hub, Bharat Diamond Bourse (BDB), is shunned by a majority of diamond traders even though they are members of the bourse, resulting in 2,000 offices of 1.5 million square feet lying unoccupied, 30 months after the imposing building was opened for business.
Out of 2,475 members, only 425 diamond traders have shifted to their offices in the building. They represent 40 per cent of the diamond business.
The meagre 17 per cent of occupancy at BDB, where members have invested a total of `1,100 crores, has never been a worrying factor for its operators, says BDB president Anoop Mehta on the sidelines of a function to honour the memory of S.G.Jhaveri, a founder member of the BDB.
“Around 425 big traders have shifted here and within the next two to three months, 425 more traders will start operating from here,” he claimed adding that they would start using four million sq ft of the total 20 million sq ft office space.” He says “The best thing about our endeavour is we account for around 40 per cent of business in Mumbai.”
But the majority of diamond traders do not agree. Says Sanjay Shah, a diamond trader and a member of BDB, “Of course, this bourse is a landmark creation for the diamond trade but it has to have local links also. Until and unless small traders come to BDB, it will never be able to serve the purpose.”
Another member on the condition of anonymity told this newspaper: “Local traders have genuine reasons to worry such as security concerns during the transportation of diamonds and labour shortage.”
Most of them are reportedly unorganised and use angadhias (people who transport diamonds in their pockets and cloth bundles).
He added further, “In south Mumbai, diamond cutting and polishing labourers are provided accommodation near factories or offices, which is not possible here in Bandra Kurla Complex.”
Mahendra Gandhi associated with BDB said, “When the Diamond Merchant Association which has 14,000 diamond merchant members starts its operation with its own 20,000 sq ft hall that was inaugurated on Friday by agriculture minister Sharad Pawar, business will take a quantum jump in BDB. It is going to be operational very soon.”
Spread over more that 20 acres BDB has eight towers, each having ninestories. This complex is equipped with customs department and banks. Security features meet with global levels.
Shifting the decades old diamond hub from South Mumbai’s Opera House — Panchratna and Prasad Buildings — to BDB got a temporary boost when a bomb blast rocked the peace near the Panchratna on July 13, 2011.