Diamond bourse may be finally ready in 2006

The Bharat Diamond Bourse (BDB), a project on which work started over a decade ago, is expected to begin operations in April 2006. It is coming up at the Bandra-Kurla complex in Mumbai.

The bourse is expected to provide state-of-the-art facilities to the diamond community through a single-window clearance system.

It will have a dedicated customhouse facility of 25,000-30,000 square feet within the complex itself. Around 2500 traders and members have already been alloted space in the 20-acre plot.

There was provision for more allottments, according to the BDB. From September 2005 onwards, members would be offered possession against allotments.

Anoop Mehta, president of BDB, said the facility was expected to replace the old diamond hub of Panchratna in the Opera House area of Mumbai.

"As an international destination, in the financial capital of India, the bourse aims to further enhance India's position in the world diamond market. With world-class facilities under a single roof, the bourse may account for 90 per cent of India's diamond trade," he said.

The complex will have 24,500 safe deposit vaults for members and over a 1000 surveillance cameras would provide security.

Bakul Mehta, chairman of the Gem and Jewellery Export Promotion Council (GJEPC), pointed out that 90 per cent of the world's diamonds were cut and polished in India.

The diamond industry could grow much faster than the current 15-25 per cent growth rate.

"The answer lies in moving into jewellery manufacturing," he said.

Other infrastructure at the bourse includes a 10 lakh square feet basement area with a car-park for roughly 1800 cars and an airconditioning plant with the capacity of 9000 tonnes.

Tata Power would be the power supplier. The bourse would have an automatic sewage treatment plant and a rain-water harvesting unit.

Work on the project had stalled in 1997, as the expenditure had surpassed the initial cost estimate.