Why in News?

• India will be among the world’s three largest economies during his third term in office, PM Modi said, while inaugurating the Surat Diamond Bourse.

What’s in Today’s Article?

• About Surat Diamond Bourse (Objective, Specifications, Significance, etc.)
• News Summary

About Surat Diamond Bourse:

• About
  • The Surat Diamond Bourse (SDB) launched by former Chief Minister of Gujarat, Smt. Anandiben Patel, in February 2015.
  • The SDB is a diamond trade centre located at DREAM (Diamond Research and Mercantile) city in Surat, Gujarat.
    • The city is also known as "diamond city" for its diamond industry which processes 85 to 90% of the world's rough diamond here.
  • It is the world's largest diamond trading hub with a floor space of 660,000 square metres, as well as the world's largest office building, ahead of The Pentagon.
• Theme
  • The thematic landscaping of the project is based on the ‘panch tatva’ theme, representing the five elements of nature – air, water, fire, earth, and sky.
• Features
  • It will be a global centre for trading of both rough and polished diamonds as well as jewellery.
    • From cutting, polishing, and trading activities, the Surat Diamond Bourse will bring brings together a vast community under one roof.
  • Bourse will comprise state-of-the-art ‘Customs Clearance House’ for Import – Export; a Jewellery mall for retail jewellery business and a facility for International Banking and Safe Vaults.
• 

Significance of the SDB Project:

• The SDB will house various diamond-related businesses, including the sale of rough and polished diamonds, diamond manufacturing machinery, diamond planning software, diamond certificate firms, lab-grown diamonds, and more.
• The SDB is expected to generate significant employment opportunities. It is expected to provide direct employment to over 1.5 lakh people in various roles related to the diamond industry.
• The complex is a pre-certified green building by the Indian Green Building Council (IGBC) because of its eco-friendly and sustainability measures adopted to function itself.

About DREAM City:

• Diamond Research and Mercantile City is an upcoming business district in Surat.
• It is being built on 810 hectares (2,000 acres) of land near Khajod, along the lines of the Gujarat International Finance Tec (GIFT) City and Dholera Smart city near Ahmedabad.
• The district is projected to have office space, residential areas, and facilities for these residential areas.
• It will be established and run by a special purpose vehicle formed by the Government of Gujarat.
• Expected to open in 2030, it will be Gujarat's third smart city.

News Summary:

• PM Modi inaugurated the Surat Diamond Bourse in Surat, Gujarat.
• Addressing the gathering, the Prime Minister remarked that a new diamond has been added to the magnificence of Surat city.
• The Prime Minister also mentioned the inauguration of a new airport terminal at Surat and the elevation of the status of Surat Airport as an International airport.
• He said that in his third innings as the Prime Minister, India will be among the top 3 economies of the world.