India, World’s biggest cutter and polisher of
diamonds is witnessing a cold war between two of its major diamond centers for
the post of the largest diamond-trading hub in India.
Race is on between Mumbai and Surat to become India’s
diamond-trading hub in India gaining momentum after Narendra Modi became India’s
Prime Minister in May.
Traders in Mumbai, which covers over 90% of diamond
exports from the country, is pitching to convert the Bharat Diamond Bourse into
a diamond-trading hub, the processors in Surat approached the government to set
up a special notified-zone
The Gujarat government has identified 100 acres of
land in Khajod village, 20 km from Surat, which is the hub of diamond
processing in India.
Surat traders have met Union Commerce Minister
Nirmala Sitharaman twice to expedite setting up of the bourse and get necessary
clearances for the special notified-zone to help miners trade directly with
Surat businessmen.
Meanwhile India's Gem and Jewellery Export Promotion
Council (GJEPC) said it is banking on the upcoming World Diamond Conference,
scheduled in New Delhi to gain a global edge in the diamond polishing and
cutting segment with an increased flow of Russian stones.
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