Billionaire Vallabhbhai Lakhani moves ₹17,000-crore diamond business away from Mumbai to Surat

Billionaire diamond trader Vallabhbhai Lakhani, Director of Kiran Gems, makes a historic move by relocating his ₹17,000-crore business from Mumbai to the upcoming Surat Diamond Bourse (SDB). This strategic shift marks a significant turning point in the nation's diamond trading landscape.

The Surat Diamond Bourse, a monumental structure standing as the world's largest office building, has become a magnet for diamond traders and merchants across Maharashtra and Gujarat. With a staggering cost of ₹3,400 crore, this STRUCTURE spans 67 lakh square feet, dwarfing even the Pentagon in size. Currently housing nearly 4,500 diamond companies, the complex comprises nine interconnected towers, each HAVING 15 floors.

This migration of diamond giants from Mumbai to Surat is poised to impact Maharashtra's tax revenue significantly, with nearly 1,000 offices of diamond companies expected to shift operations. The move signals a paradigm shift in the diamond industry, with Surat aiming to dethrone Mumbai as the country's diamond trading hub.

Vallabhbhai Lakhani's decision to move his business to Surat is not merely a relocation; it's a comprehensive endeavour. He has established a mini-township in Surat, comprising 1,200 apartments, to accommodate the families of his 2,500 employees. Basic civic amenities have been meticulously arranged, ensuring a smooth transition for his workforce.

The SDB's inauguration, slated for December, is anticipated to usher in a new era for Surat, boosting not only the diamond industry but also the city's real estate sector. Surat's rise as a global diamond trading hub is imminent, with the promise of international flights from the city, transforming it into a global business destination. As the countdown to the grand inauguration begins, Surat's ascent to becoming the diamond capital of the world is on the horizon.

Also Watch: Inside pictures of Surat diamond bourse, the world's largest office