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Updated December 27th, 2023 at 16:25 IST

Gujarat's DREAM City: Pioneering futuristic hub to elevate the diamond industry

DREAM City aims to propel Surat's diamond industry to new heights, targeting an annual turnover exceeding Rs 2 lakh crore.

Reported by: Business Desk
Gujarat's DREAM City: Pioneering a Futuristic Hub to Elevate the Diamond Industry
Gujarat's DREAM City: Pioneering a Futuristic Hub to Elevate the Diamond Industry | Image:Unsplash
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Diamond industry India: Gujarat's ambitious DREAM (Diamond Research and Mercantile) City project, sprawling across 685 hectares in Surat, is set to redefine urban landscapes as a forward-looking center designed to meet the burgeoning demands of the diamond industry, officials have revealed.

DREAM City aims to propel Surat's diamond industry to new heights, targeting an annual turnover exceeding Rs 2 lakh crore. Surat, renowned for processing 72 per cent of the world's diamonds, stands as a global powerhouse in diamond production, and the DREAM City initiative underscores global best practices in city conception, perception, and development, according to officials.

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The recently inaugurated Surat Diamond Bourse (SDB), a part of DREAM City, adds significant impetus to the project. Inaugurated by Prime Minister Narendra Modi on December 17, SDB is India's second diamond trading hub, providing direct employment to 1,50,000 individuals.

Approximately 90 per cent of Gujarat's diamonds are processed in and around Surat, employing over nine lakh people, with eight out of 10 diamonds worldwide processed in the state. Gujarat contributes 80 per cent to India's total diamond exports.

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Officials outlined the phased implementation of the DREAM City infrastructure project, with projects worth Rs 400 crore slated for execution in two phases by the year 2040. Recognising that 60 per cent of Gujarat is expected to be urbanised by 2035, the state emphasises sustainable city development models, focusing on strategic urban planning, design, efficient waste management, and the creation of green spaces.

State minister Rushikesh Patel highlighted the significant opportunity for processed diamonds in Gujarat, with polished diamonds from the state holding a substantial global presence.

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During a public rally in Surat in September last year, PM Modi envisioned DREAM City as propelling Surat to emerge as "the safest and most convenient diamond trading hub in the world."

To facilitate swift development, the state government established a Special Purpose Vehicle (SPV) named DREAM City Limited, with an initial paid-up share capital of Rs 100 crore, according to an official release.

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Industry experts anticipate that India's polished diamond exports, reaching USD 37.73 billion in the fiscal year 2022-23, will further surge with the recent Free Trade Agreement (FTA) with the UAE, targeting an ambitious USD 52 billion.

Ali Roze, a diamond trader from Turkey, expressed optimism about SDB within the DREAM City, stating, "It will be attractive for both the buyers and sellers," as the diamond industry envisions a dynamic and flourishing future in Gujarat.

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(With PTI inputs.)

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Published December 27th, 2023 at 16:24 IST

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