SourcingSep 20, 2023
Natural Diamond Outlook: Indian Diamantaires Navigating Multiple Storms SourcingSep 20, 2023
New Surat Diamond Bourse To Be World’s Largest Office Complex
The massive space spans 7.1 million square feet with more than 4,000 offices and 131 elevators.
The new, $385 million Surat Diamond Bourse is scheduled to officially open in mid-December and will become the largest office building the world, surpassing the Pentagon.
Surat, India—Later this year, Surat, the undisputed diamond manufacturing capital of the world, will take its next big step.
On Dec. 17, Indian Prime Minister Narendra Modi is among those scheduled to be on hand to inaugurate the new complex that will house the Surat Diamond Bourse (SDB), said bourse CEO Mahesh Gadhavi.
On Dec. 17, Indian Prime Minister Narendra Modi is among those scheduled to be on hand to inaugurate the new complex that will house the Surat Diamond Bourse (SDB), said bourse CEO Mahesh Gadhavi.
The opening will usher in a new era for the city’s diamond industry, one where an ultra-modern trading eco-system will complement the world-class manufacturing infrastructure India’s developed over the past two and a half decades.
Though its high-profile inaugural event is still a few months off, the bourse already has been making headlines.
In July, CNN reported that the Surat Diamond Bourse will be the largest office building in the world, surpassing the Pentagon in size with its 7.1 million square feet of floor space.
Taking over this mantle was not the aim of the project when it was conceived; its sheer size is reflective of demand from the industry, SDB officials have pointed out.
Spread out among nine 15-story office towers connected by a central corridor, the complex will have 4,700 office spaces ranging in size from 300 square feet to more than 1 million square feet, 131 elevators, and “ample” open spaces for more informal networking.
20230920_Surat Diamond Bourse night: A nighttime shot of the new Surat Diamond Bourse
It is designed to accommodate 67,000 professionals related to diamond trading and ancillary services and cost about $385 million to build.
Despite its mega proportions, SDB has been planned so as to minimize environmental impact.
It has achieved compliance with the Platinum Standard laid out by the World Green Building Council with features such as rainwater harvesting, solar power generation, recycled water systems, and ample use of local construction materials.
The architecture firm that designed the bourse, Morphogenesis, describes it as a structure that integrates high-density commercial architecture with efficient climate-responsive design.
Gadhavi said the bourse follows the principles of Panchtattva, aligning with the five elements of nature: air, water, fire, earth and sky.
The consultants said these design principles ensure that nearly 50 percent of the structure is cooled using natural ventilation due to the directional axis along which the structure is aligned as well as the separation of towers for greater circulation.
Documents also show that solar power will be utilized in common areas and a radiant cooling system, among other innovations, will enable the building to remain cool even during the hottest summer months.
SDB will be one of the landmarks of a new business district called DREAM (the Diamond Research and Mercantile City), envisioned by Indian planners to be a “smart city,” one of a few being developed in Gujarat.
Gadhavi said the bourse will be fully focused on trading activities and will be center like no other.
Work on the interiors is progressing rapidly, and he said by the time the bourse officially opens its doors in December, more than 1,000 offices are expected to be fully functional.
So, what impact will the new bourse have on India’s diamond industry? There are no easy answers.
Diamantaires leading the new bourse project believe it is an idea whose time has come.
They stress that a second diamond trading hub in Surat, one that brings manufacturing and trading activity together in close proximity, will promote efficiency and save costs for many players, especially smaller companies.
It also will improve the quality of life for those who either have long daily commutes from the distant suburbs of Mumbai to their jobs or have to spend four to five hours traveling between Mumbai and Surat multiple times a week, they say.
There are others, however, who point out that Mumbai did not emerge as a trading hub for diamonds by sheer chance. When the industry began to take important strides in the global arena, it offered all the advantages of a modern, international city.
Moreover, Mumbai is the country’s de facto financial center.
Infrastructure that facilitated global trade in diamonds already was in place, with a well-connected airport, a network of banks that offered trade financing and emerging integrated business hubs like the Bandra Kurla Complex, which is home to Bharat Diamond Bourse (BDB).
These factors will impact relocation decisions, in their view.
Editors' Picks
Sponsored by
A few leading companies have gone on record stating that they will be shifting their entire operations to Surat but not many diamantaires are willing to publicly commit to which is their preferred option.
More than a few have acquired space in SDB in addition to BDB and say they will run operations across both locations.
Observers point to structures that families, especially those heading the industry’s largest diamond companies, have evolved over the past two decades as Surat emerged as a mega-manufacturing center.
These families divided responsibilities among their members, with one or more focusing on Surat-based manufacturing operations while others looked after Mumbai-based trading activity. Such arrangements are likely to continue, they say.
For some of the smaller and mid-sized companies, this option may not be economically viable.
A third school of thought opines that India has consolidated its position in the natural diamond industry and is now an emerging power in lab-grown diamonds as well.
Given the sheer size of the former product segment, which it is expected to maintain for the next decade or more at least, and the estimated potential of the sunrise lab-grown diamond sector, there may come a time when the combined space of the two bourses won’t even be enough to handle the volume of diamonds being traded.
Only time will tell which viewpoint will prove to be correct.
More on Sourcing
The Latest
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
