Surat: In a significant shift of strategy, the diamond barons overseeing Surat's multi-billion dollar diamond empires have awakened to a stark reality within the diamond trade: the indispensable role played by small diamond brokers and merchants. This awakening came after a sobering report by the Free Press Journal titled 'Surat Diamond Bourse: The Dream That Became A Ghost Building' on March 1, 2024, shed light on the neglect faced by small traders and brokers—a segment considered the lifeblood of India's diamond trade.
Model of Bharat Diamond Bourse in Mumbai
In contrast to the thriving model of the Bharat Diamond Bourse (BDB) in Mumbai, which offers expansive trading halls for small-time traders at no cost, the Surat Diamond Bourse lacked similar provisions. This oversight not only marginalized a crucial sector of the diamond trading community but also compromised the bourse's potential as a comprehensive trading hub. Acknowledging their oversight, the Surat Diamond Bourse's committee, led by chairman and BJP Rajya Sabha MP Govind Dholakia and vice-chairman Lalji Patel, orchestrated a meeting with small brokers and merchants at the traditional diamond market of Mahidharpura. Their aim was to encourage these traders to conduct business at the Surat Diamond Bourse.
The committee assured the small diamond brokers and merchants of various facilities, including parking and a lunch hall, to facilitate seamless trading at the bourse. Additionally, special transportation services between Mahidharpura and the Surat Diamond Bourse at Khajod were promised, with buses scheduled to run every 30 minutes throughout the day.
"We received an overwhelming response from the small brokers and merchants from Mahidharpura diamond market. They have all agreed to commence business from the Surat Diamond Bourse in June 2024," revealed a committee member. Despite the committee's assurances, skepticism persists among some small brokers and traders. The absence of a dedicated trading floor for them within the diamond bourse remains a significant deterrent.
Expressing concerns, one diamond broker, speaking on condition of anonymity, stated, "At the Mahidharpura diamond market, we arrive on our personal motorcycles carrying small packets containing diamonds. If we go to the Surat Diamond Bourse, we will have to board the special bus provided by the SDB. This bus could be an easy target for robbers." Another broker, Satish Mendpara, echoed similar sentiments, questioning the need to travel 25 kilometers to the Surat Diamond Bourse when they have conducted business in Mahidharpura for years.
The dialogue between the Surat Diamond Bourse and small brokers and merchants call attention to a pivotal moment in Surat's diamond trade. As both sides navigate challenges and opportunities, the outcome could shape the future landscape of diamond trading in the region.
