Editor’s Note
This article reports on the inauguration of the Surat Diamond Bourse in India, now recognized as the world’s largest office complex by area. The information is sourced from Red Star News.
According to Red Star News, on December 17, Indian Prime Minister Narendra Modi presided over a ribbon-cutting ceremony in Surat, Gujarat, to inaugurate the Surat Diamond Bourse.
The Surat Diamond Bourse, constructed at a cost of 32 billion rupees, comprises nine rectangular, 15-story towers housing approximately 4,700 offices and equipped with 131 elevators. Spanning 62 hectares, it surpasses the Pentagon in the United States to become the world’s largest office complex.
Prime Minister Modi stated that Surat is transforming into a “radiant diamond city.” He emphasized that the completion of the Surat Diamond Bourse is expected to create 150,000 new jobs in India and provide a “one-stop” workplace for artisans and traders.
Modi pointed out that India’s current share in global gem and jewelry exports is only 3.5%. He also announced that the Indian government will continue to support the industry through a series of incentives, designating it as a key area for boosting exports.
China has a huge domestic demand for diamonds, being the world’s second-largest diamond consumer, which has driven the rapid development of its lab-grown diamond industry. From the perspective of upstream production in the diamond supply chain, according to Bain & Company, China ranked first globally in lab-grown diamond production capacity in 2020, reaching 3 million carats. India and the United States followed as the world’s second and third largest producers, with capacities of 1.5 million carats and 1 million carats, respectively, in 2020.
Currently, India holds a 15% share of the global lab-grown diamond market. In 2022, the Indian government and institutions like Indian banks introduced support measures for the country’s lab-grown diamond industry.
According to the “China Diamond 2021 Yearbook” released by the Shanghai Diamond Exchange, industry trends can be summarized in two aspects: digital transformation, involving the establishment of diamond traceability platforms using the internet and blockchain; and strengthening international diamond trade ties through agreements and offices to simplify processes and enhance efficiency.
Vipul Shah, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), expressed optimism about the sector’s growth.
Shah added that lab-grown diamonds are increasingly viewed as fashionable jewelry affordable for younger consumers, representing a shift in the market.
