To ensure the event's success, the SDB has provided all necessary facilities, including a controlled entry system for the safe movement of valuables, technical support, smooth visitor arrangements, and proper safety coordination.
WHILE THE ongoing conflict in West Asia has disrupted international trade, it may just prove to be a boon in disguise for Surat’s diamond industry.
Citing the crisis, Dubai-based Stargems Group has shifted the venue for its auctioning of rough diamonds to the vast Surat Diamond Bourse (SDB), located on the outskirts of the city, officials said.
A seven-day pre-auction exhibition began at the office space of the Gems and Jewellery Export Promotion Council (GJEPC), which has been leased out to the Dubai group, on Tuesday, they noted, adding rough diamonds worth over Rs 350 crore were being showcased at SDB for businessmen from across the world. GJEPC is the apex body for India’s gem and jewellery industry.
GJEPC Gujarat region chairman Jayenti Savaliya said: “It is for the first time that such an exhibition is being held at the GJEPC office at SDB. The [Dubai] company had previously held an exhibition in Dubai. Traders who cannot travel there will have an opportunity to view rough diamonds in person and submit a bid for the lot. After the last day of the exhibition, the company will conduct an auction.”
Meanwhile, sources at GJEPC told The Indian Express that three top global rough diamond companies from Dubai will also be holding auctions in Surat in April as they view it as a “safe” place.
The event could be a milestone for SDB, located in the 700-hectare Diamond Research and Mercantile City, which has been struggling to attract businessmen to set up shop since its inauguration in 2023.
Stargems Groups, meanwhile, acquired two South African mines in 2022 to become part of the diamond supply chain.
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The owner of a company here that exports natural diamonds said on condition of anonymity: “Dubai is a free-trade zone where several diamond companies have their centres and are doing business through online auctioning of rough diamonds. As the city has also found itself amidst the war, diamond companies are in search of a better option.”
“Eight of 10 polished diamonds in the world are cut and polished in Surat. So, these diamond companies are now seeing Surat as a second option, and for that, they are organising a rough diamond auction here,” he added.
The sources said the first day of the exhibition witnessed physical participation of hundreds of traders, who viewed rough diamonds of different carats, sizes, and colours. Thus far, diamond traders would frequent Dubai for such auctions after virtually viewing diamonds.
Savaliya also noted that another rough diamond auction was in the offing in the coming weeks. “We (GJEPC) are organising another rough diamond exhibition at SDB from April 4 to May 1. We currently have confirmation of participation from the top three companies in the sector in Dubai with a global presence. Rough diamonds worth hundreds of crores will be exhibited and auctioned later.”
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The sources said rough diamonds passed through multiple hands before reaching manufacturers, resulting in middlemen incorporating their margins. “But through such auctions at SDB, local manufacturers, brokers, and traders will have the opportunity to buy rough diamonds and view them in person in Surat, and then participate in the bidding”, the source said.
To ensure the event’s success, the SDB has provided all necessary facilities, including a controlled entry system for the safe movement of valuables, technical support, smooth visitor arrangements, and proper safety coordination.
SDB vice-chairman Laljibhai Patel observed, “SDB is not just the hub for local trading of diamonds. Through such events, it is moving ahead globally.”
Kamal Saiyed is a senior Correspondent for The Indian Express, providing extensive, on-the-ground coverage from Surat and the broader South Gujarat region and the Union territories of Daman, Diu & Dadra Nagar Haveli. With a reporting career at the publication spanning back to 2007, he has established himself as a high-authority voice on the industrial, social, and political pulse of one of India’s fastest-growing urban hubs.
Expertise
Industrial & Economic Beat: Based in the "Diamond City," Saiyed offers expert reporting on the diamond and textile industries. His work tracks global market shifts (such as De Beers production changes), local trade policies, and the socio-economic challenges facing the millions of workers in Surat’s manufacturing hubs.
Civic & Infrastructure Coverage: He consistently reports on urban development and public safety in Surat, including:
Traffic & Urban Planning: Monitoring the city's 13-fold increase in traffic violations and the implementation of new municipal drives.
Public Safety: Investigative reporting on infrastructure failures, fire safety NOC compliance in schools and commercial buildings, and Metro rail progress.
Political Reporting: Tracking the shifting dynamics between the BJP, Congress, and AAP in South Gujarat and the neighboring Union Territories (Daman, Diu, and Dadra & Nagar Haveli).
Crime beat: Armed with a good source network Saiyed has been able to bring out the human side of crime stories in his region ... Read More
