Surat is now aspiring to become a trading hub for rough and polished diamonds. To this effect, the Surat Diamond Association (SDA) has requested Union Minister of Commerce and Industry Anand Sharma to give the green signal for setting up the Diamond Trading Hub here, Expressindia reported.

About eight of every 10 diamonds found in the world are cut and polished in Surat.



The rough diamonds pass through several hands on their way from Antwerp in Belgium to the local manufacturing units here, which makes them quite expensive, said the report.



SDA has now requested Sharma for clearance for setting up a diamond trading hub as also a diamond bourse here, it said.



SDA president Rohit Mehta said Antwerp and Dubai are diamond trading hubs, and a hub here will benefit the diamond traders.



Manu Sawalia, a manufacturing unit owner told Expressindia: “The majority of diamonds imported to India are from Antwerp, and the big merchants are into this business. A diamond-trading hub will benefit the small manufacturers in the city as they will get diamonds at cheaper rates.”



He added: “This will also benefit the import and export business. Several overseas businessmen will also come to Surat and this would benefit them in their business.”

According to the recent Foreign Trade Policy declared by Union Minister Anand Sharma, several diamond bourses will be set up in the coming years. At present, there is only one diamond bourse in the country, at Mumbai, which is at its preliminary stage and is yet to start functioning, the report said.



Mehta said the Union Minister was given a brief idea of Surat, which is into the manufacturing and trading of diamonds, while the exports are done from Mumbai, it said.



Mehta said the hub should be set up through the PPP (Public Private Partnership) model, adding that SDA is ready to provide all support in this regard.



“The diamond manufacturing units are set up here. Besides, over five lakh people are working in the different diamond units as artisans. The small players in the industry have to purchase the rough diamonds at higher rates from the big merchants here as the diamonds become expensive after passing through several chains. With a diamond trading hub in Surat, several foreign companies will open their outlets in Surat and the local manufacturers will also get diamonds at cheaper rates. Besides, domestic flights have also commenced from Surat,” he added.