New diamond bourse set to house all units soon

More than 70% of diamond traders and exporters have already shifted here from Opera House and the rest will come now

The Bharat Diamond Bourse (BDB) at the business hub of the Bandra Kurla Complex will see the rest of the business shifting there in the next few months.

"More than 70 per cent of diamond traders and exporters have already shifted here from Opera House (in South Mumbai) and the rest will come now," said Anoop Mehta, president of BDB. The bourse is the largest in Asia, equipped with all facilities.

"Now, traders are looking for a mall developer to buy the Opera House property, as BDB is fully functional and all diamond trades only take place from there. The price of the offices which diamond traders owned there (Opera House) has also fallen from Rs 75,000 a sq f to Rs 35,000 a sq ft," said a leading exporter, on condition of anonymity.

All exports are now from the Bandra office, as the customs department has shifted there (in early 2012). So, even if traders or exporters have offices in Opera House, they have to come here for this procedure.

Also, seven major banks are now present in the Complex, with three to four others in talks to set up offices there.

The facility was inaugurated in October 2010, after being proposed in 1992 at an expenditure of Rs 600 crore. Owing to the delay, the construction cost went to Rs 1,100 crore. Spread over 20 acres, with a built-up area of two million sq ft, BDB has eight towers of nine storeys each, housing 2,500 offices.

In 2012-13, total exports of diamonds stood at Rs 212,639 crore, compared with Rs 206,080 crore a year before, says the Gems and Jewellery Export Promotion Council (GJEPC).

"Gems and jewellery exports are expected to go up by 10 per cent this year compared to last year, as the economic scenario in the US is improving. Japan and China are also importing heavily. Other than the traditional markets, demand from other markets is driving the growth of sales this year," said Vipul Shah, chairman of GJEPC.