BOMBAY (Reuters) – Indian Prime Minister Narendra Modi inaugurated on Sunday the Diamond Exchange in Surat, a city in the Indian state of Gujarat which he hopes to make the diamond capital of the world, creating 150,000 new jobs.
The head of the Indian government is from this city in western India where 90% of the world’s rough diamonds are cut and polished.
Billed as the largest office building on the planet, larger than the Pentagon, the Diamond Exchange will contain international banks, safes and a shopping center specializing in jewelry.
This inauguration comes against a backdrop of slowing global demand for cut diamonds. Indian exports fell 29% from April to October to $10 billion.
Surat could help increase India’s share in exports of precious stones and jewelry, said Narendra Modi, who confirmed his wish to support this sector, considered a priority for export.
(Reporting Dhwani Pandya; French version Elizabeth Pineau)
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