Diamond bourse to open by Diwali, plans to corner 90 per cent trade

Mumbai: The opening of the ambitious Bharat Diamond Bourse (BDB) at the Bandra-Kurla Complex in Mumbai this Diwali is expected to make India a diamond trading hub in the next two years.

"We intend to commence trading at the bourse by Diwali as it is an ideal time for members to shift their business," BDB president Anoop V Mehta said.

"As an international destination, the Bharat Diamond Bourse aims to further enhance India''s position in the world diamond market once it becomes fully operational by October- November," he said.

With world-class facilities under one roof, the bourse would contribute to 90 per cent of country''s diamond trading activity, Mehta said, adding that BDB would benefit the entire diamond trade.

Bharat Diamond Bourse is establishing an 18 lakh sq ft complex at Bandra-Kurla Complex, a business district in the suburbs, at an estimated cost of Rs900-1,000 crore.

BDB would offer diamond traders strong rooms, lockers and customs clearance facilities with all modern facilities required to carry day-to-day business. BDB is anticipating to deal with over 30,000 people a day.

"The main objective is to establish a bourse for promotion and export of diamonds and to provide infrastructure and other facilities in India for domestic and overseas buyers and sellers of diamonds," Mehta said.