Mumbai will have world's largest diamond market

Diamond traders in Mumbai have geared up to have the world's largest diamond market.

The Bharat Diamond Bourse (BDB) is spread over 20 acres, with eight towers of nine storeys each, housing 2,500 offices in addition to the customs department, banks and other service providers who cater to the gems and jewellery trade.

An extra space of two million square feet has also been provided for auditoriums, theatres or trading halls.

The BDB has been set up with an objective of establishing necessary infrastructure facilities for the promotion of the export of diamonds, and will provide support and service facilities to make India an international trading center for gems and jewellery.

"When you go to Opera House, there you see the small diamond merchants, who are the members of Mumbai Diamond Merchants Association. They do their business on those streets and they earn their living from that," said Anoop Mehta, President of Bharat Diamond Bourse (BDB).

"We have provided the Mumbai Diamond Association Merchants and area of 20,000 square feet separately and not just 20,000 square feet, we have also given an outside compound to them. They will all be in a better position," he added.

Mehta also said that this shift would help achieve 10-15% average growth annually over the next five years.

The bourse is expected to have an inflow of 20,000-25,000 people a day and the number is expected to go up to 30,000 in the peak hours.

Over 2,000 security cameras have been installed at the bourse, designed to match global standards.

On Monday, the customs department will move into the complex and by December, the whole of Opera House and Lamington Road diamond market will be shifted to the new location.

It took 18 years to complete this project and rupees 10.1 billion have spent on the project.

The market will be inaugurated on Sunday.