- Sunday, April 13, 2025
In a post on X, the Indian PM said the hub will not only revolutionise the diamond industry and enhance India’s global presence in gem trade but also boost the local economy and employment.
By: Shubham Ghosh
INDIAN prime minister Narendra Modi on Sunday (17) held a massive roadshow in Surat in the western state of Gujarat where he inaugurated a diamond exchange which is now the world’s largest office, pipping the Pentagon.
The office — Surat Diamond Bourse — is spread over an area of 6.7 million square feet and cost Rs 32 billion (£304.1 million). The Pentagon, seat of the US defence department, is built over an area of 6.5 million square feet.
The new office building features a state-of-the-art ‘Customs Clearance House’ for imports and exports; a jewellery mall for retail jewellery businesses; and a facility for international banking and safe vaults.
India’s financial capital Mumbai has long been the centre of experts for diamonds in India but it is Surat or the ‘diamond city’ that dominates the processing of the precious stones with about 90 per cent of the world’s rough diamonds polished there before getting sold to customers in the US and Canada. The new office aims to bring the entire industry under one roof.
The new office complex, which is located inside the Diamond Research and Mercantile City or DREAM City, a business district modeled after the Gujarat International Finance Tech-City or GIFT City, which is another flagship project of Modi. The structure has about 4,700 offices and nearly 130 are already in use, said one report.
In a post on X, Modi said, “Today marks a special milestone with the inauguration of the Surat Diamond Bourse. This world-class hub is set to revolutionize the diamond industry, enhancing India’s global presence in gem trade while boosting local economy and employment.” He also shared pictures of him inaugurating the bourse and visiting the centre and speaking with officials.
Today marks a special milestone with the inauguration of the Surat Diamond Bourse. This world-class hub is set to revolutionize the diamond industry, enhancing India's global presence in gem trade while boosting local economy and employment. pic.twitter.com/yITxZ8BioV
— Narendra Modi (@narendramodi) December 17, 2023
Earlier on Sunday, Modi inaugurated the new terminal building of Surat airport. The federal cabinet recently approved a proposal to announce Surat airport as an international one to facilitate export-import operations for diamond and textile products besides providing gateway to international travellers.
The new integrated terminal building in Surat marks a significant leap in the city's infrastructure development. This state-of-the-art facility will not only enhance the travel experience but also boost economic growth, tourism and connectivity. pic.twitter.com/3TjFz8BM7w
— Narendra Modi (@narendramodi) December 17, 2023
Built at Rs 353 crore (£33.5 million), the new integrated terminal building has the capacity of managing 1,200 domestic and 600 international passengers in an hour during peak hours. The capacity can be increased to 3,000.
