The Surat Diamond Bourse (SDB) has been planned to expand and shift the diamond trading business from Mumbai to Surat, the hub of cutting and polishing diamonds.
The total project cost of the Surat Diamond Bourse is Rs 3,200 crore. It has been planned to expand and shift the diamond trading business from Mumbai to Surat.
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Revenge consumption: Surat diamond units working overtime to meet US demand
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The exporters said that demand for the Chinese New Year is expected to come in shortly. The Chinese New Year in 2021 falls on February 12. This year, the diamond sales were affected during the New Year in China due to the outbreak of coronavirus.
Agencies
There are 5,000 diamond cutting and polishing units in Surat.
Revenge consumption of diamonds from the US is driving manufacturing units in Surat to work overtime to meet the demand. There has been a shortage of rough diamonds as the diamond mines had remained closed due to the pandemic and the stocks at Surat had depleted after the units reopened but the situation has reversed. Now the diamond exporters have to run the units beyond normal schedule to meet the rising demand which has come from the US.