The world’s largest office complex, the Surat Diamond Bourse, was meant to showcase India’s rise as a global trading power. Instead, the sprawling 6.7-million square foot complex, bigger than the Pentagon, is half-empty, with fewer than 250 of its 4,700 offices in use. The quiet corridors reflect the deep slump in India’s diamond industry. Exports of gems and jewelry have fallen to a two-decade low, hammered by weak demand from China and now by steep tariffs imposed by President Donald Trump. The U.S. is India’s single biggest market, buying nearly a third of the industry’s $28.5 billion annual shipments, Reuters pointed out. In Surat, where 80% of the world’s rough diamonds are cut and polished, small exporters say orders are drying up. Larger firms are weighing a shift of operations to places like Botswana, which faces lower U.S. tariffs of 15%.
Prime Minister Narendra Modi inaugurated the Bourse in December 2023, calling it a symbol of “new India’s strength and resolve.” With nine glass-fronted towers, banks, customs offices and secure vaults, it was designed as a one-stop hub for the global diamond trade. But many companies are now rethinking whether to move in, Reuters said. India is seeking new buyers in Asia, Europe and the Middle East.
