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Surat Diamond Bourse Project Put On Hold: Quick Take

Jul 22, 2015 3:35 AM   By Ronen Shnidman
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RAPAPORT... Plans to develop a Surat Diamond Bourse (SDB) have been put on hold amid the weak diamond market. An SDB spokesperson told The Times of India this week that many diamantaires who initially expressed interest in leasing space at the new bourse have lost money to defaulting businesses in recent months.

  • The SDB committee received in June from Indian diamantaires 12,000 letters expressing interest in securing office space in the new bourse when it is built.
  • However, almost no diamantaires had placed a token deposit on future office space by the July 15 deadline set by the committee.
  • In its current design, the SDB is planned to be spread across 10 buildings with 9.1 million square feet of office space.
  • The SDB is envisionied to be the centerpiece of the larger Diamond Research and Mercantile (DREAM) City project sponsored by the Gujarat provincial government. The project is intended to spur economic development in and around the village of Khajod in the Surat district.
Tags: DREAM, Gujarat, Khajod, Ronen Shnidman, Surat, Surat Diamond Bourse
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