Modi’s home state, Surat, is famous for cutting and polishing 90% of the world’s rough diamonds and its stock market is well placed to support its ambitions to become the world’s diamond capital. of the city.
Surat Diamond Bourse: At the inauguration of Surat Diamond Bourse in Gujarat, Prime Minister Narendra Modi revealed plans to create 150,000 new jobs, highlighting the role of the stock market as a “one-stop shop” for artisans and businessmen. Modi’s home state, Surat, is famous for cutting and polishing 90% of the world’s rough diamonds and its stock market is well placed to support its ambitions to become the world’s diamond capital. of the city. Characteristics of Surat diamond market
Spanning an impressive 6.6 million square feet, the Stock Exchange is considered the largest office building in the world, surpassing even the Pentagon at 6.5 million square feet. Modi expressed optimism that the facility, once fully operational and equipped with features such as international banking, safes and jewelry centres, will create additional jobs. SDB will see the opening of around 27 jewelery stores, while installing over 4,000 CCTV cameras.
Comprised of nine towers, each with a ground floor and 15 floors, the exchange will house a full range of diamond-related operations and infrastructure. This includes the sale of rough and polished diamonds, diamond manufacturing machines, software used in diamond planning, diamond certification companies, lab-grown diamonds, and more.
The inauguration comes amid challenges facing Surat’s diamond industry, which is grappling with a decline in demand for cut diamonds globally, leading to its cut diamond exports. India dropped 29% between April and October, reaching $10 billion.
While acknowledging Surat’s leadership in diamond jewelry exports, Modi highlighted the growth potential of silver-cut and lab-grown diamonds. He highlighted that India’s current share in global gems and jewelery exports is just 3.5%, envisioning Surat’s pivotal role in increasing this share to “double digits”.
Promising continued support for this sector, Mr. Modi promised many incentives and declared this a priority sector to promote exports. This inauguration marks an important milestone in Surat’s journey to becoming the global hub of the diamond industry.
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