Significance of Surat Diamond Bourse

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What’s in Today’s Article?

  • Why in the News?
  • About Surat Diamond Bourse
  • Significance of the SDB Project
  • About DREAM City
  • News Summary

Why in News?

  • India will be among the world’s three largest economies during his third term in office, PM Modi said, while inaugurating the Surat Diamond Bourse.

About Surat Diamond Bourse

  • About
    • The Surat Diamond Bourse (SDB) launched by former Chief Minister of Gujarat, Smt. Anandiben Patel, in February 2015.
    • The SDB is a diamond trade centre located at DREAM (Diamond Research and Mercantile) city in Surat, Gujarat.
      • The city is also known as "diamond city" for its diamond industry which processes 85 to 90% of the world's rough diamond here.
    • It is the world's largest diamond trading hub with a floor space of 660,000 square metres, as well as the world's largest office building, ahead of The Pentagon.
  • Theme
    • The thematic landscaping of the project is based on the ‘panch tatva’ theme, representing the five elements of nature – air, water, fire, earth, and sky.
  • Features
    • It will be a global centre for trading of both rough and polished diamonds as well as jewellery.
      • From cutting, polishing, and trading activities, the Surat Diamond Bourse will bring brings together a vast community under one roof.
    • Bourse will comprise state-of-the-art ‘Customs Clearance House’ for Import – Export; a Jewellery mall for retail jewellery business and a facility for International Banking and Safe Vaults.

Significance of the SDB Project

  • The SDB will house various diamond-related businesses, including the sale of rough and polished diamonds, diamond manufacturing machinery, diamond planning software, diamond certificate firms, lab-grown diamonds, and more.
  • The SDB is expected to generate significant employment opportunities. It is expected to provide direct employment to over 1.5 lakh people in various roles related to the diamond industry.
  • The complex is a pre-certified green building by the Indian Green Building Council (IGBC) because of its eco-friendly and sustainability measures adopted to function itself.

About DREAM City

  • Diamond Research and Mercantile City is an upcoming business district in Surat.
  • It is being built on 810 hectares (2,000 acres) of land near Khajod, along the lines of the Gujarat International Finance Tec (GIFT) City and Dholera Smart city near Ahmedabad.
  • The district is projected to have office space, residential areas, and facilities for these residential areas.
  • It will be established and run by a special purpose vehicle formed by the Government of Gujarat.
  • Expected to open in 2030, it will be Gujarat's third smart city.

News Summary

  • PM Modi inaugurated the Surat Diamond Bourse in Surat, Gujarat.
  • Addressing the gathering, the Prime Minister remarked that a new diamond has been added to the magnificence of Surat city.
  • The Prime Minister also mentioned the inauguration of a new airport terminal at Surat and the elevation of the status of Surat Airport as an International airport.
  • He said that in his third innings as the Prime Minister, India will be among the top 3 economies of the world.

Q1) Why is Surat known as the Diamond City?

Around 90% of the world's mined diamonds are polished in Surat, contributing to approximately 80% of India's annual diamond trade.

Q2) Which state in India is the largest producer of diamonds?

Madhya Pradesh produces 32 percent of the country's diamonds and Diamond reserves in Madhya Pradesh are about 45,80,336 carats, of which 31.5% are located in Panna district.

Source: Significance of Surat Diamond Bourse | PIB