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
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
Policies & IssuesJan 14, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
Weekly QuizJan 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. JewelsOfficers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the MoonThe “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
SourcingJan 09, 2025
Reena Ahluwalia Unveils New Works in ‘Diamond Trails’ AnthologyThe artist collaborated with industry creatives on the project, which features five fictional stories and five corresponding paintings.
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity BallNine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy WatchMiss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds“Promise by Effy” includes fashion jewelry and engagement rings.
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 YearsThe Texas-based jeweler is closing all three locations.
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern ElementsZendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.
ColumnistsJan 07, 2025
The Smart Lab: The Hottest Digital Marketing Trends For 2025Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.
TrendsJan 07, 2025
Amanda’s Style File: January Is for GarnetGarnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.
MajorsJan 07, 2025
Jewelers for Children Promotes Round-Up Fundraising ProgramRetailers and vendors can ask customers to make a donation by rounding up to the next dollar at checkout.
SourcingJan 07, 2025
Columbia Gem House To Debut Lightning Ridge Opal CollectionThe wholesaler is partnering with Australian brand Cheal Opal on a new offering of calibrated stones.
