With a brand new Diamond Exchange India is moving towards becoming a global trading centre for cut and polished diamonds.
The Bharat Diamond Bourse (BDB) was opened in Mumbai Monday about 20 years after the idea was first proposed. India is already the world's largest exporter of cut and polished diamonds.
The BDB is situated in the Bandra Kurla Complex in Mumbai, the financial capital of India. Spread over 2 million square feet across 20 acres it hopes to catapult Indian diamond trade into the largest in the world. It is being called the world's largest bourse with all essential facilities such as cutting, polishing, trading, banking and customs under one roof.
India's attempts to match the diamond hubs at Antwerp and Tel Aviv have not had a very smooth ride. However having overcome contractual disputes, floods, fires and misuse of funds the exchange has finally come together. It will be in use from December onwards.
The President of the Bharat Diamond Bourse, Anoop Metha hopes that the 11 billion rupee project would make Mumbai the largest diamond hub in the world. A fact that could well happen given that the diamond trade in India is set to grow by 5 to 10 % per year for the next ten years.