Surat is one of the most important city in the Indian state of Gujarat. It used to be a large seaport and is now a centre for diamond cutting and polishing. It is the 8th major city and 9th largest urban agglomeration in India.
Surat ranked 10th in India with a GDP of 2.60 lakh crore in the fiscal year 2016($14 billion in 2010). Surat GDP in 2020 will be around $57 billion estimated by The City Mayors Foundation, an international think tank on urban affairs
Surat is the largest hub of diamond cutting and polishing. Gujarati diamond cutters, migrating from East Africa, established the industry in 1901 and, by the 1970s, Surat-based diamond cutters started exporting stones to the US for the first time.
The government of Gujarat plans extra project near Surat similar to Gujarat International Finance Tec-City (GIFT). The Chief Minister has recommended that the government wishes to grow DREAM to have a five-seven star hotel, bank, IT, entertainment zone, corporate trading house and other services while the Surat Diamond Bourse (SBD) will be founded there.
Allotment of Khajod land for the project is suitable for the state government because they have 2,000 acres (810 ha) of available land.
The Trade Centre, situated near Sarsana village, will have a 100,160-square-metre (1,078,100 sq ft) pillar-less airy hall with a 90-by-35-metre (295 by 115 ft) pillar-less dome.
India’s 2nd diamond trading centre, the Surat Diamond Bourse, will work from DREAM City. Its major parts will be trading unpolished diamonds and manufacturing polished diamonds.
The Diamond Bourse is projected to have services for import and export of diamonds, as well as banking and insurance facilities.
Now, diamonds are polished at Surat and traded at India’s only diamond exchange, Bharat Diamond Bourse, in Mumbai.
Around 35-40% of the rough diamonds managed and polished in Surat are imported by customers and sight holders of global diamond miners including De Beers, Rio Tinto and Alrosa.
The rest of the roughs are imported directly from Dubai, Antwerp and African nations.
Diamond exports from Surat are estimated at ₹1,85,000 crore, while rough diamond and gold imports to Surat is around ₹1,34,000 crore, thereby providing about ₹51,000 crore worth of forex earnings.
After the hiring, SDB will generate added business worth ₹90,000 crore annually.