India unveils first diamond exchange
Tuesday, 19 October 2010
MUMBAI, Oct 18 (Commodity Online): Taking its glittering diamond trade to a new level, world's leading diamond hub, India opened its first diamond exchange.
The new bourse, named the Bharat Diamond Bourse (BDB) is the biggest of all diamond trading centre around the world, got off to a colourful start here, 20 years after such a move proposed.
The three million square foot exchange will bring export and trading firms, banks, vaults, a customs department and investors under one roof, in an eight-tower complex in Mumbai's main commercial district.
Traders will shift to the state-of-the-art, high-security complex by December. The exchange has 900 trader-members and another 1,400 provisional members.
Mumbai's diamond trade currently operates from cramped offices in three buildings in the city's south.
India's bid to become a diamond hub to match Antwerp in Belgium and Tel Aviv in Israel has had a bumpy ride, overcoming contractor disputes, floods, fires and charges of misuse of funds.
In earlier years, exporters had to carry diamonds across the city in order to get clearances from the customs department.
India is the world's largest cut diamond exporter, with annual exports of around US$28 billion, but trading volume is negligible.
The new bourse, named the Bharat Diamond Bourse (BDB) is the biggest of all diamond trading centre around the world, got off to a colourful start here, 20 years after such a move proposed.
The three million square foot exchange will bring export and trading firms, banks, vaults, a customs department and investors under one roof, in an eight-tower complex in Mumbai's main commercial district.
Traders will shift to the state-of-the-art, high-security complex by December. The exchange has 900 trader-members and another 1,400 provisional members.
Mumbai's diamond trade currently operates from cramped offices in three buildings in the city's south.
India's bid to become a diamond hub to match Antwerp in Belgium and Tel Aviv in Israel has had a bumpy ride, overcoming contractor disputes, floods, fires and charges of misuse of funds.
In earlier years, exporters had to carry diamonds across the city in order to get clearances from the customs department.
India is the world's largest cut diamond exporter, with annual exports of around US$28 billion, but trading volume is negligible.