Far from giant killer, Surat diamond bourse turns out a dud

A range of issues, ranging from locational to global, seem to have stymied the bourse’s journey to supplant Mumbai as the diamond trading capital of India.

In May 2022, when structural work on the nine-tower, 6.6 million square feet Surat Diamond Bourse was completed, it seemed like the crowning glory for the diamond industry. 

For the fiscal ended March of that year, exports of cut and polished diamonds had gone up 50% over the previous year to $24.4 billion, making it the best in a decade. And, India’s biggest diamond exporter, Mumbai-based Kiran Gems, had announced plans to move its entire operations to the new bourse. 

That set off a scramble in Mumbai’s diamond trading community for a piece of the action. We wrote about it …


T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor