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.
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
AuctionsSep 17, 2025
Mythical Set of Patek Philippe Pocket Watches Expected to Sell for $10M+A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.
TrendsSep 17, 2025
Silvia Furmanovich’s Book Tells the ‘Journey of a Jeweler’The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.
WatchesSep 17, 2025
Bob’s Watches Acquires Vintage Rolex Won on ‘The Price is Right’ The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
TechnologySep 17, 2025
Jewelers Mutual Launches Shipping Solution App for Shopify The new integration allows users to manage shipments directly from the Shopify dashboard.
Weekly QuizSep 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says DeloitteIt’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, MontanaAssociate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite EarringsFordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley AwardGilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-ShopLocated in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for ThatThe new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to AccountAs the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. HeadphonesJacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
