Tuesday, 18 June 2024
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ConstructionIndia

PM Modi opens the biggest diamond hub in the world

  • The Surat Diamond Bourse in Gujarat is scheduled to open by PM Narendra Modi.
  • The recently constructed terminal building boasts several environmentally friendly features.
  • The SDB management failed to make the last payment of ₹538.59 crore.

The world’s largest and most contemporary hub for the global diamond and jewelry industry, the Surat Diamond Bourse in Gujarat is scheduled to open for business under Prime Minister Narendra Modi.

Surat Airport’s new terminal building, which cost ₹353 crore to build, will open on the same day as the SDB, which was moved from Mumbai.

Biggest diamond hub

The recently constructed terminal building boasts several environmentally friendly features, including solar power plants, low heat gain double glazing units, energy-saving canopies, rainwater harvesting, sewage and water treatment plants, and recycled water for landscaping.

The largest and most advanced trading hub for jewelry and rough and polished diamonds in the world will be the Surat Diamond Bourse. A Surat court has ordered the SDB to provide a construction company with a bank guarantee worth ₹100 crore for an alleged ₹631.32 crore non-payment of debt.

The company claimed that after construction was completed and the building’s custody was given to the bourse more than a year ago,the SDB management failed to make the last payment of ₹538.59 crore.

The court observed that the bill remained pending for over a year following the bourse’s issuance of a virtual completion certificate on October 21, 2022, at which point the final bill was raised. To shield itself from potential losses if an award is made, the construction company asked the court to postpone the auction.

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