Surat Diamond Hub Waits as Leader Makes Dazzling Escape

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Surat Diamond Hub Waits as Leader Makes Dazzling Escape

| Updated: January 29, 2024 18:24

Surat Diamond Hub Waits as Leader Makes Dazzling Escape

Surat: Kiran Gems’ recent relocation to Mumbai has left the famed Surat diamond industry hesitant to follow suit. This “wait-and-see” approach highlights a cautious optimism surrounding the newly inaugurated Surat Diamond Bourse (SDB)

Kiran Gems, boasting a massive turnover and workforce, was expected to act as a catalyst, drawing others to the SDB. However, established players remain skeptical. “Companies are playing it safe,” says an industry source. “With only a few early birds operating, most are waiting to see if the ecosystem takes flight.”

The SDB, touted as a game-changer with its state-of-the-art facilities, initially sparked enthusiasm. But concerns about operational costs, infrastructure challenges, and a lack of critical mass have cooled the ardor. The ongoing global slowdown and tighter regulations further add to the diamond companies’ wariness of major investments.

“The SDB is promising, but needs time to mature,” says another insider. “Companies are hesitant to move until the infrastructure is fully functional and a vibrant community forms.”

This cautious approach reflects the Surat diamond industry’s nature. While Kiran Gems’ move is bold, others want to assess the SDB’s long-term viability before committing. “The coming months are crucial,” says an expert. “The SDB needs to address concerns and attract more companies to create its envisioned ecosystem. Only then will the industry truly follow the leader and embrace the SDB’s potential.”

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