Financial Daily from THE HINDU group of publications
Sunday, Oct 09, 2005
Financial Daily from THE HINDU group of publications Sunday, Oct 09, 2005 |
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Industry & Economy
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Precious Metals Bharat Diamond Bourse to be operational by June Dhimant Bhatt
Mumbai , Oct. 8 THE Bharat Diamond Bourse (BDB), coming up at the Bandra-Kurla Complex (BKC) in Mumbai, is expected to be fully operational by June 2006. The Bourse will come up on a 20 acre land, on which eight towers will be constructed housing 2,500 small and large diamond traders at an investment of Rs 900 crore. "The Bourse is finally nearing completion. We expect shifting of diamond trading from Opera House to BKC complex before next monsoon," Mr Anoop V. Mehta, President, Bharat Diamond Bourse told Business Line. The bourse will facilitate its 2,400 members with a single window operation, a dedicated customs house facility of about 25,000 to 30,000 square feet is being set up within the complex, he said. A large part of the diamond community is likely to shift to the Bandra Kurla Complex area. The project was started in 1992, but disputes between the BDB committee, its architects and contractors and payment defaults by members during the 1995-99 property slump, put the project on hold in 1998. The project was restarted in 2001. Currently, trading of rough diamonds is concentrated in three buildings - Prasad Chambers, Panchratna Building and Shreeji Building in South Mumbai's Opera House area.
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