India’s Surat diamond bourse will create 150,000 new jobs and become a “one-stop shop” for artisans and businessmen, Prime Minister Narendra Modi said as he inaugurated the new exchange in Gujarat.
Surat, in Modi’s home state of Gujarat, cuts and polishes 90% of the world’s rough diamonds and the bourse will support its ambition to become the world’s diamond capital.
Built over 6.6 million square feet, the bourse is touted as the world’s largest office building, surpassing the Pentagon’s 6.5 million square feet.
Once facilities such as international banking, vaulting and a jewellery mall are operational, more jobs will be created, Modi said at the inauguration.
The inauguration comes as Surat’s diamond industry struggles with a slowdown in global demand for polished diamonds. India’s polished diamond exports fell 29% to $10 billion in the April-October period.
Modi said that while Surat’s diamond industry has a leading position in diamond jewellery exports, silver-cut diamonds and lab-grown diamonds, India’s share of global gems and jewellery exports is only 3.5%.
Surat could help increase India’s share of gems and jewellery exports to “double digits”, Modi said.
He added that he would continue to support the sector with a range of incentives and by making it a focus area for export promotion.
