Financial Daily from THE HINDU group of publications
Thursday, Dec 16, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 16, 2004 |
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Agri-Biz & Commodities
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Gems & Jewellery Bharat Diamond Bourse to be operational by next Dec Our Bureau
Mumbai , Dec. 15 BHARAT Diamond Bourse (BDB), coming up at the Bandra Kurla Complex in Mumbai, is set to be fully operational by December 2005. The total cost of the entire complex is expected to be Rs 950 crore. "The complex is expected to be ready by August-September 2005. We are intending to commence trading at the bourse by next Diwali as it is ideal time for members to shift their business. Out of 8 towers, 4 towers are ready and civil works of all towers are completed," Mr Anoop Mehta, President of BDB, said. "We have so far collected around Rs 700 crore. Balance amount will be collected in instalments. As on date, nearly 97 per cent of our members have paid," he said. The complex, spread over 20 acres will house close to 2,500 small and large diamond traders. Around 50,000 people will visit every day. The complex will have Asia's largest basement area of around 10 lakh square feet with parking facility for over 1,800 cars. Facilitating the members with a single-window operation, a dedicated customhouse facility of about 25,000-30,000 sq ft is being set-up at the complex. The complex will also have around 24,500 safe deposits vaults for the members. The security measures to be set up will on a par with the ones prevailing in the global markets such as Antwerp. "As an international destination, the bourse for trading diamonds aims to further enhance India's position in the world diamond. With world-class facilities under a single roof, the bourse is estimated to contribute to 90 per cent of country's diamond trade activity. About 28 national and international banks will provide their services," Mr Mehta said. "The new complex has been built with environmentally favourable facilities," Mr Kaushik Mehta, Vice-President of BDB, said.
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