Surat's New Bourse is a Huge "Ghost Building"
March 05, 24
(IDEX Online) - The new Surat Diamond Bourse (SDB), officially opened by India's prime minister last December in a blaze of glory, is reported to be virtually empty.
The vast $388m building - recognized by Guinness World Records as the largest office building in existence - has apparently failed to lure businesses away from the Bharat Diamond Bourse (BDB), in Mumbai.
Kiran Gems, described as the world's largest rough diamond manufacturer, relocated to SDB when it opened for business las November, but moved most staff back to Mumbai within weeks.
Today the SDB is nothing more than a "ghost building", according to The Free Press Journal, the Mumbai-based newspaper.
It quotes one diamond broker Kushal Vanani, who said: "The Surat Diamond Bourse ignored the trading community by failing to include a dedicated trading hall. This is the primary reason for its failure." BDB provides two giant trading halls at no cost for small traders.
Diamond trade analyst Aniruddha Lidbide said: "The tale of the Surat Diamond Bourse is a sobering reminder of the complexities involved in creating infrastructures that serve broad industry objectives."
We have approached SDB for comment.