The diamond and gold industries in Gujarat, centered around Surat and GIFT City respectively, have received significant boosts with the inauguration of the Surat Diamond Bourse (SDB) and the extension of trading hours at the India International Bullion Exchange (IIBX).
The SDB, the world's largest office building, was inaugurated by Prime Minister Narendra Modi in Khajod village near Surat. Spanning over 67 lakh square feet, the SDB aims to revolutionize the diamond and jewelry trade by serving as a global center for rough and polished diamonds. It features cutting-edge facilities, including a Customs Clearance House, a jewelry mall, and amenities for international banking and secure vaults. The SDB is expected to provide jobs for 1.5 lakh people and attract international buyers and investors, revitalizing the struggling diamond industry [5cd00761] [1149d983] [a0a7d771] [e80d3dd9].
Meanwhile, the IIBX in GIFT City, Gandhinagar, has extended its trading sessions by an hour, now functioning from 9am to 6.30pm. The exchange plans to eventually have a 22-hour trading session to facilitate trading for members across different time zones. The extension of trading hours coincides with the launch of trading of gold futures contracts on the exchange. In less than two years, the IIBX has traded at least 10 tonnes of gold, with a record of 500+ kg gold traded in a single day. The exchange is expected to roll out trading of gold futures contracts in June, pending regulatory approvals. These developments at the IIBX are set to further strengthen the gold industry in Gujarat [da6ef636] [5cd00761] [1149d983] [a0a7d771] [e80d3dd9].
The inauguration of the SDB and the extension of trading hours at the IIBX are significant milestones for Gujarat's diamond and gold industries. These developments highlight the government's commitment to boosting the region's infrastructure and revitalizing these key sectors. With the SDB and the IIBX, Gujarat is poised to become a global hub for diamond and gold trading, attracting international buyers and investors and creating new opportunities for workers in these industries [5cd00761] [1149d983] [a0a7d771] [e80d3dd9] [da6ef636].