India to Build Gemstone Bourse in Jaipur
May 13, 13
(IDEX Online News) – India's first gemstone bourse is to be built in the colored stone center of Jaipur with an initial investment of around $9 million in a bid to better organize trading of gemstones and attract business from abroad. 
Work on setting up the exchange will begin in another six months, according to a report by the Indo-Asian News Service (IANS).
India has diamond bourses in Mumbai and in the cutting and polishing center of Surat, but no gems bourse. There are around 250,000 gemstone cutting and polishing workers in Jaipur, the report says.
It is expected that the government will allocate the land needed for the bourse in six months, said Gems & Jewellery Export Promotion Council (GJEPC) Executive Director Sabyasachi Roy. He said that construction will take 18-24 months.
There are believed to be up to 1,000 gemstone companies in India.
India rough gemstone imports are estimated at $140 million to $180 million, the report said, while exports total more than $270 million. Establishing a gemstone bourse could give a 25-percent boost to exports.
The GJEPC’s Roy said that the government has also approved the building of a convention center in Mumbai for the gems and jewelry industry. "The state government is yet to allocate land for it. It will require around 20-30 acres," Roy told IANS. He said a convention center was needed to increase business volumes.