The core committee of the Surat Diamond Bourse (SDB) has decided to cease the sale of cut and polished diamonds from Mumbai, according to a report in The New Indian Express.
In a circular issued to its members, the SDB committee has stated that the members completely winding up their polished diamond trading from Mumbai will feature in the ‘leading members’ list on the huge display at the reception area of the SDB. Also, the members starting the polished diamond trading from SDB in the first phase will be provided with a 100% exemption from the payment of monthly maintenance for six months.
Vallabh Lakhani, Chairman, Surat Diamond Bourse, said, ‘We have come up with this scheme to boost Surat Diamond Bourse business. Most of the diamond companies are ready to close down in Mumbai and run it entirely from Surat because of this scheme.’
A diamantaire requesting anonymity told TNIE: "SDB is three times bigger than its counterpart BDB in Mumbai. With about 4,200 offices, SDB will be the world’s largest diamond bourse. The circular issued by the SDB committee will entice many traders to vacate their offices at BDB and start their business from SDB before December-31, 2022. BDB in Mumbai will be deserted before December-31. Since all the big, small, and medium diamond offices will be at SDB, the merchants from Mumbai will shift to Surat for doing business.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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