Bharat Diamond Bourse getting ready to sparkle

Written by Dhimant Bhatt | Mumbai, Jul 3 | Updated: Jul 5 2008, 05:09am hrs
Much-awaited Bharat Diamond Bourse (BDB), Asias largest diamond bourse, will soon be operationalised. With an investment of over Rs 900 crore, the Bourse will come up on 20 acre land in Bandra Kurla Complex (BKC) on which eight towers will be constructed housing 2,500 small and large diamond traders on completion.

The bourse has received the Occupation Certificates (OC) from Mumbai Metropolitan Region Development Authority (MMRDA) and Brihan Mumbai Municipal Corporation (BMC) for Towers No 1-6 while Towers No 7 & 7B are expecting to receive the OC within a month or so. On completing the necessary formalities, the complex is expected to be fully operational in the next three-four months, Anup Mehta President of Bharat Diamond Bourse (BDB) told FE.

The Bourse is a service oriented non-profit making guarantee company registered in August 1984 under section 25 of the Companies Act. The Bourse is establishing an 18 lakh sq. ft. complex in Bandra (E). The bourse will be a trading hub with single-window facilities, sources said.

Nearly 30 banks will be housed in the complex, along with a dedicated customs house facility. The entire ground floor will be dedicated for banking services. It will have around 24,500 safe deposits vaults. Security measures will on a par with global markets, he said.

Currently, trading of rough and polished diamonds is concentrated in three buildings: Prasad Chambers, Panchratna Building and Shreeji Building in south Mumbais Opera House.

The bourse was set up for the primary objective of establishing necessary infrastructural facilities for promotion of export of diamonds including diamond jewellery from the country. Instituted to cater all the needs of the diamond trade, the BDB is anticipating dealing with over 30,000 people a day.

The facilities at BDB will include offices of diamond traders, strong rooms, lockers, customs clearance facilities with all the modern facilities required to carry day to day business, sources said.