The Gems and Jewellery Export Promotion Council (GJEPC) on Dec 19 announced plans to launch the country’s largest Special Notified Zone (SNZ) for the import and trading of rough diamonds at the Surat Diamond Bourse (SDB).
GJEPC’s Gujarat Regional chairman Vijay Mangukiya highlighted the council’s role in establishing the SNZ, a concept initially proposed at the World Diamond Conference held in Delhi in 2014.
He said that preparations for the SNZ at the SDB are in progress, with an official announcement contingent on government clearance, and expressed confidence that the upcoming zone would elevate industry standards, foster international collaboration, and propel the Indian diamond industry to new heights.
The forthcoming SNZ at the bourse features 15 fully-equipped cabins, a high-security monitoring room, and a 24/7 security system.
Spanning 4,500 square feet, it is poised to become India’s largest SNZ. Since its inception in 2015, the SNZ has hosted major mining companies, including Alrosa, De Beers, Rio Tinto, Dominion Diamonds Corp, and Okavango Diamond Company.
The SNZ has witnessed over 25,000 visitors showcasing more than 15 million carats of rough diamonds valued at over $3 billion.
With 4,500 offices across its 45 floors in a complex spanning 35.54 acres, the Surat Diamond Bourse is set to offer a multitude of benefits to both domestic and international diamond traders. With this project, Surat’s diamond trade, currently worth ₹2 lakh crore, is expected to double to ₹4 lakh crore annually.