Mumbai : When the Indian ‘happily-ever-after’ industry was to be relocated from Opera House to Bandra Kurla Complex, there weren’t a lot of takers among the diamond merchants. Sprawling over 20 acres, Bharat Diamond Bourse (BDB) housed only 85 diamond merchants till February last year.
It is only half-surprising that approximately a year later, the complex is seeing steady increase in activity with as many as 425 offices already operational. The sudden spurt seems just about appropriate for an industry that accounts for 85% of the polished diamond trade in the world.
“Initially, the relocation process was a slow one. There were concerns about sustenance and hesitance towards change. The skepticism, however, is a thing of past. While 43% of the floor space is already occupied, 65% of the total trade in Mumbai is now conducted from BDB,” said Kirit Bhansali, a member of the managing committee.
“When the big names like Rosy Blue, Mahindra & Mahindra started moving in, the small traders started taking notice,” said Bhansali. What followed was the bandwagon effect.
Today, one can witness the interiors of several offices being decorated, indicating an imminent transfer of business of the office owner. The activity, however, had humble beginnings.
Built on a no profit-no loss basis, the construction started in 1993 after a collection of Rs. 856 crores from the members. Over the years, the cost exceeded the initial estimate and several differences crept in, delaying the project. It was only in 2010 that the complex was thrown open to traders. Today, 8 towers of 9 storeys each stand imposingly, each linked with the other, making it the world’s largest diamond bourse.
“The main advantage of the complex is the water-tight security. The complex has five banks in addition to a safety vault and the customs department, which is a great facility for the diamond merchants,” said Shirish Inamdar, divisional head of the facility department.
In spite of the magnitude or perhaps because of it, it has the aesthetics of a troll. The transparent glass facade around the fire-escape works against its allure, whatever little the pale and dark alternating shades of blue can manage. To its credit though, it mercifully has avenues for recreation like basketball and volleyball courts.
One look at the section in the lobby with nameplates of the occupants and the visitor knows that the billion-dollar industry has firmly established Gujaratis at the helm of affairs. As Member of Parliament Piyush Goyal aptly said at a function organised to inaugurate a trading hall on Saturday, “It wouldn’t be inappropriate to welcome only the Shahs and the Mehtas here, for that will cover most of the industry.”
Omkar Khandekar
