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Nine interconnected towers, 4,200 offices and a ₹3,200-crore price tag. The Surat Diamond Bourse was built to bring the global diamond trade to Gujarat. Nearly three years after Prime Minister Narendra Modi inaugurated it, only around 300 offices are operational.
Why are traders reluctant to leave Mumbai? And how have falling diamond prices, competition from lab-grown stones, weaker Chinese demand and restrictions on Russian-origin diamonds complicated Surat’s ambitions?
In this special, Sayoni Aiyar examines the gap between building a vast office complex and creating a thriving marketplace—and what it means for India’s diamond industry.
