Mumbai or Surat - Confusion Galore Amongst Diamond Industry

Mumbai or Surat – which would be the best suitable destination for the diamond trade? Currently, the entire diamond industry is divided over whether to shift or not to Surat.

At present, around 70 per cent of the diamond industry work like cutting, polishing etc is done in Surat while remaining 30 per cent like assorting, selling, exporting is being done from Bombay Diamond Bourse (BDB). Mumbai being the main business centre has always been preferred destination for business among the global diamantaire. However, there have been talks of shifting the diamond industry to Surat for quite some time. But will this shift be viable for the traders, Diamond World tried to find out.

As Diamond World spoke to various traders at BDB, many felt that the shift would be a time consuming process. “It took almost 20 years for the entire diamond industry to make a move to BDB. The said shift to Surat will certainly take another 20 years. Kuch keh nahi sakte,” one person from BDB spoke on condition of anonymity. Traders also feel that lack of better international and domestic air connectivity in Surat could be a problem. As the business in BDB is mainly based on global exports, it would pose a problem for the diamantaires to export directly from Surat.

While some of the traders who are supporting the shift to Surat are pinning their hopes on Narendra Modi. They feel if Mr Modi becomes the next prime minister then shifting the base would not be a trouble. While some feel that the entire subject in regards to shift is too premature to talk about. Also, there is talk of big players from the diamond industry to be the decision makers and the others have to abide by their decision. “Our business depends on the big players in the industry. Therefore, wherever they decide to set shop be it Mumbai or Surat, we have to follow in their footsteps,” said a marketing person on the condition of anonymity.

Only time will tell if Mumbai will lose its diamond crown to Surat.