The Surat Diamond Bourse (SDB), envisioned as a bustling global hub for diamond trading, is grappling with a surprising challenge—an overwhelming lack of activity. Even customs officers, stationed to manage high volumes of imports and exports, find themselves idle due to minimal transactions.
"Sir, We’re Bored": The Cry for Activity
During a meeting with the senior customs commissioner, six customs officers, including a superintendent and inspector, expressed their frustration. “Sir, I am bored. Give us work,” they lamented. Reports reveal that only one or two diamond parcels arrive for export each day, with rough diamond imports also failing to meet expectations.
The customs house, built to handle a significant volume of diamond trade, now stands underutilized—a stark contrast to its ambitious purpose.
Ripple Effects on Banking and Businesses
The lack of activity isn’t confined to customs operations:
- Bank closures: Banking operations within the SDB have ceased due to insufficient business, leaving bank staff idle.
- Business shutdowns:
- Amul Dairy, which opened a premium ice cream parlor and restaurant in the bourse, was forced to shut down due to low footfall—an unprecedented move in its history.
- Sumul Dairy’s Master Chef restaurant also closed, with both entities demanding rent waivers and deposit refunds.
Operational Concerns and Resistance to Relocation
Out of the expected 150 office committee members, only 25 are actively engaged in operations. The Gem and Jewellery Export Promotion Council (GJEPC) has announced plans to vacate its prime ICC office on Ring Road to relocate to the SDB’s Building B. However, members are resisting the move, citing the ICC building’s convenience.
Hope on the Horizon?
Despite the grim scenario, Lalji Patel, vice-chairman of SDB, remains optimistic. He believes that post-Diwali, traders from Mahidhapura diamond market will start trading operations at SDB. Currently, 15 to 20 parcels are sent through customs daily, a number expected to increase before January 2025.
“I am reaching out to leading diamond traders to start operations. The bourse’s vibrancy will improve significantly in the coming months,” Patel stated.
A Wake-Up Call for Surat's Diamond Industry
The struggles of SDB reflect broader challenges in keeping large infrastructure projects relevant and active. With the right initiatives, the Surat Diamond Bourse could still fulfill its vision of becoming a world-class trading hub.
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