In the wake of Prime Minister Narendra Modi’s inauguration of the Surat Diamond Bourse, Congress leader Milind Deora voiced concerns about the potential loss of the diamond industry from Maharashtra to Gujarat. Deora emphasized the significance of Mumbai’s gem and jewellery sector, expressing apprehension about the industry shifting to Gujarat.
Deora reminisced about the inauguration of Mumbai’s Bharat Diamond Bourse in 2010, an event led by him and his late father, Murli Deora, a former Union minister. He noted that Mumbai’s gem and jewellery industry holds a pivotal role as a major employer and tax revenue generator for the city.
The statement comes as prominent merchants contemplate relocating their businesses to Gujarat’s Surat, impacting Maharashtra’s tax revenue. Vallabhbhai Lakhani, Director of Kiran Gems, has initiated this trend by moving his Rs 17,000-crore business to Surat, along with plans for a mini-township for employees.
Nearly 1,000 diamond company offices are expected to shift operations from Mumbai to Surat, posing a substantial challenge to Maharashtra’s tax revenue, as per a Surat Diamond Bourse committee member.
Prime Minister Narendra Modi officially opened the Surat Diamond Bourse in Gujarat’s Surat district. Describing it as a symbol of “new India and country’s determination,” PM Modi highlighted its potential to create employment opportunities. The new diamond bourse is set to employ an additional 1.5 lakh people, contributing significantly to the diamond industry.
The Surat Diamond Bourse aims to become the world’s largest and modern center for international diamond and jewellery business, facilitating the global trading of rough and polished diamonds, as well as jewellery.
