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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