Why is it in the News?

In the inauguration ceremony of the Surat diamond bourse in Gujarat, Prime Minister Narendra Modi revealed plans for the creation of 150,000 new jobs, emphasising the bourse’s role as a “one-stop shop” for artisans and businessmen.

About Surat Diamond Bourse:

• Established in February 2015 by the former Chief Minister of Gujarat, Smt. Anandiben Patel, the Surat Diamond Bourse (SDB) is a prominent diamond trade centre situated in DREAM (Diamond Research and Mercantile) city, Surat, Gujarat.
• Recognized as the "diamond city" due to its diamond industry, which processes 85 to 90% of the world's rough diamonds, the SDB stands as the world's largest diamond trading hub, spanning an expansive floor space of 660,000 square meters and surpassing The Pentagon as the largest office building globally.
• Themed around the 'panch tatva,' symbolizing the five elements of nature – air, water, fire, earth, and sky, the SDB is designed with thematic landscaping.
• As a global centre for both rough and polished diamond and jewellery trading, it unifies various facets of the diamond industry, including cutting, polishing, and trading activities, within its vast expanse.
• The Bourse features a state-of-the-art 'Customs Clearance House' for Import-Export, a Jewelry mall for retail jewellery business, and facilities for International Banking and Safe Vaults.

Importance of the SDB Project:

• The Surat Diamond Bourse (SDB) is set to accommodate a diverse range of diamond-related enterprises, encompassing the sale of both rough and polished diamonds, diamond manufacturing machinery, diamond planning software, diamond certificate firms, lab-grown diamonds, and more.
• Anticipated to be a major contributor to employment, the SDB is poised to generate substantial job opportunities.
  • With an expected direct employment impact on over 1.5 lakh individuals across various roles within the diamond industry, it aims to bolster economic activity and livelihoods.
• Acknowledging its commitment to environmental responsibility, the complex has earned pre-certification as a green building by the Indian Green Building Council (IGBC).
  • This recognition is a testament to the SDB's implementation of eco-friendly and sustainable practices in its operations.

What is DREAM City?

• DREAM City, short for Diamond Research and Mercantile City, is an emerging business district located in Surat.
• Encompassing 810 hectares (2,000 acres) of land near Khajod, it follows the model of the Gujarat International Finance Tec (GIFT) City and Dholera Smart City near Ahmedabad.
• Envisioned as a comprehensive urban development, DREAM City is slated to feature office spaces, residential areas, and associated amenities.
  • The project is under the purview of a special-purpose vehicle established by the Government of Gujarat.
• With an anticipated opening in 2030, DREAM City is poised to become Gujarat's third smart city, aligning with the state's commitment to fostering modern and sustainable urban environments.