Surat : Surat’s Mahidharpura diamond market, one of India’s largest diamond trading hubs, witnessed an unusual sight as industry stalwarts, including Sevanti Shah, chairman of Venus Jewel, and Govind Dholakia, BJP MP and chairman of Shree Ramkrishna Exports (SRK), personally visited traders’ offices to urge them to shift operations to the Surat Diamond Bourse (SDB).
This rare visit has sparked widespread curiosity. Some traders remarked that leaders like Shah and Dholakia had not visited the market in decades, with some claiming it had been over 40 years. Their recent presence has fueled speculation about potential political pressure to make SDB fully operational before the Uttarayan festival in January 2025.
SDB’s Push Amidst Industry Challenges
The Surat Diamond Bourse, envisioned as a world-class trading hub for the diamond industry, has faced hurdles in attracting traders despite its modern infrastructure. The SDB committee, led by figures like Lalji Patel of Dharmanandan Diamonds and Vallabh Lakhani of Kiran Gems, previously attempted to persuade traders to transition their operations but met resistance.
Sources reveal that Shah and Dholakia are now seeking verbal commitments from Mahidharpura’s major traders to begin operations at the SDB by December 15, 2024. Insiders suggest that an ultimatum has been issued to traders to shift to the SDB or face unspecified consequences.
Govind Dholakia, who recently assumed leadership of the SDB, has reportedly been working tirelessly to ensure its operational readiness. While a few diamond firms have already opened offices at the bourse, many traders remain hesitant due to ongoing challenges in the diamond industry.
Mixed Reactions from Traders
Traders at Mahidharpura expressed skepticism over the recent outreach. One trader, speaking anonymously, noted, “The diamond industry is in the midst of a severe recession. Many units remain closed after Diwali, and it’s unrealistic to expect traders to shift to the SDB under these circumstances.”
Another trader questioned the timing of the industry leaders’ visit, saying, “Where were they when we faced robberies and thefts in Mahidharpura? Now they come to convince us to shift, but their absence during critical times is hard to forget.”
Criticism also stems from the SDB’s infrastructure, which many believe caters primarily to large corporations. “Unlike the Bharat Diamond Bourse in Mumbai, the SDB lacks facilities like a diamond hall for small traders. It seems designed for big players, and now they’re seeking our support to make it operational,” said another small trader.
Future of the Surat Diamond Bourse
The push for operationalizing the Surat Diamond Bourse comes amid broader economic pressures in the diamond industry. Whether the efforts of industry leaders will convince traders remains uncertain, but the transition to SDB is being closely watched as a pivotal moment for Surat’s diamond sector.
