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Picture Courtesy: www.businesstoday.in

Context: The inauguration of the Surat Diamond Burse by the Prime Minister marks a significant milestone in the diamond industry.

About Surat Diamond Burse

World's Largest Corporate Office

• Located in Khajod village near Surat, the Surat Diamond Bourse stands as the world's largest corporate office hub.
• Built across 35.54 acres at a cost of Rs 3,400 crore, it surpasses the Pentagon, which held the title for the world's largest office building for the past 80 years.

Boost to Diamond Industry

• Prime Minister emphasized the immense significance of this inauguration for the diamond industry.
• The facility includes a Customs Clearance House, Jewellery Mall, and International Banking and Safe Vaults, aiming to bolster the diamond trade.

Global Centre for Diamond Trading

• With the capacity to accommodate 4,200 traders from 175 countries, the Bourse is positioned to be a global hub for rough and polished diamonds.
• It offers a platform for diamond buyers worldwide to conduct trade activities in Surat.

Environmental Sustainability

• Despite its size, the Surat Diamond Bourse prioritizes minimizing environmental impact by following the principles of Panchtattva, aligning with nature's five elements.

Innovative Energy Solutions

• The building showcases advanced rooftop solar energy projects implemented by URON Energy, promoting sustainability in its operations.
• It employs a radiant cooling system, highlighting innovative and eco-friendly technological features.

Symbol of Entrepreneurial Spirit   

• PM hailed the significance of this structure, citing it as a testament to India's entrepreneurial spirit and Surat's historical contribution to the diamond trade.
• It is expected to function as a hub for trade, innovation, collaboration, and economic growth, generating employment opportunities.

Indian Diamond Industry ● India accounts for roughly 80% of the world's polished diamonds by volume and 60% by value. ●Surat, India, is the undisputed diamond polishing capital, followed by Mumbai and Jaipur. ●India produces diamonds of all sizes and qualities, catering to diverse markets and budgets. ●The industry generates significant employment, contributing to India's GDP and foreign exchange earnings. Over a million people are directly employed, with millions more indirectly benefiting. ●Concerns include rough diamond price fluctuations, dependence on imports, labour issues, and competition from other countries.

Conclusion

• The Surat Diamond Bourse's inauguration reflects a convergence of technological advancement, environmental consciousness, and economic aspirations, positioning itself as a pivotal centre for the global diamond trade while embracing sustainability.

Must Read Articles:

ROUGH DIAMONDS: https://www.iasgyan.in/daily-current-affairs/rough-diamonds

Lab Grown Diamond: https://www.iasgyan.in/daily-current-affairs/lab-grown-diamond

PRACTICE QUESTION Q. What factors contribute most significantly to the global prominence of India's diamond industry, and how has it evolved over time to maintain its competitive edge in the international market?