In a momentous achievement, the Surat Diamond Bourse has taken the crown as the world's largest office space, dethroning the iconic Pentagon after an impressive reign of 80 years.

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According to Dinesh Navadiya, President of the Indian Diamond Institute, this milestone will undoubtedly result in a significant increase in the state's income. Furthermore, it is projected to generate a staggering one lakh (100,000) job opportunities, providing much-needed employment to the local population and bolstering the economy.

Navadiya pointed out that the pandemic served as a golden period for the diamond industry, which saw tremendous growth during this time. Notably, the United States and China have emerged as the top importers of India's diamonds, showcasing the country's vital role in the international diamond trade.

Moreover, in a promising development, 35 lab-grown diamond companies are planning to set up offices in the Surat Diamond Bourse, reaffirming India's position as a leader in the lab-grown diamond market.

The uniqueness of Surat Diamond Bourse lies in its structure as a Section 8 company, operating on a not-for-profit basis. It was a collaborative effort of the entire diamond industry, with a committee leading the charge to construct this grand establishment.

The Bourse, boasting more than 4,500 offices, serves as a hub for over 4,000 members, all hailing from the diamond industry, representing the sector comprehensively.

However, despite this success, the global demand for gems and jewellery has witnessed a slowdown this year, leading to a decline in the sector's turnover. Nonetheless, the industry remains resilient and robust, with a current turnover standing at an impressive $42 billion.

First Published:Aug 1, 2023 5:56 PM IST