India’s Largest Special Notified Zone (SNZ) to be launched at SDB

Surat: A Special Notified Zone (SNZ), the largest in India, will be coming up at the world’s largest office building in the city, Surat Diamond Bourse, announced the Gems and Jewellery Export Promotion Council (GJEPC) on Tuesday.

Vijay Mangukiya, GJEPC Gujarat Regional Chairman, said while revealing plans for the SNZ at the Surat Diamond Bourse Siad that GJEPC played a pivotal role in realising Prime Minister Narendra Modi’s vision for the SNZ, initially proposed at the 2014 World Diamond Conference in Delhi. The SNZ will be launched after government approval.

India’s first SNZ for diamond trading was established at the Bharat Diamond Bourse in Mumbai in 2015, followed by a similar development at the Surat International Diatrade Centre.

Dinesh Navadiya, Chairman of the Surat International Diatrade Centre, emphasised that these SNZs in Surat and Mumbai underscore India’s ascent as a global diamond trading hub. The upcoming SNZ at the Surat Diamond Bourse is expected to redefine industry standards, encourage international collaboration, and elevate the Indian diamond industry.

During the 2014 World Diamond Conference, Prime Minister Modi expressed his desire for major diamond mining companies like Alrosa to trade directly with Indian bourses. The creation of SNZs was intended to facilitate the import and export of rough diamonds, benefiting the Indian diamond industry and generating employment opportunities.

The Surat Diamond Bourse’s SNZ Spanning 4,500 square feet at B 210, set to be the largest in India, boasts state-of-the-art facilities, including 15 fully-equipped cabins, a high-security monitoring room, and a 24/7 security system.

Since its announcement in 2015, the SNZ has attracted worldwide recognition by accommodating leading mining entities like Alrosa, De Beers, Rio Tinto, Dominion Diamonds Corp., and Okavango Diamond Company. Collectively, these companies contribute to 85% of the total global production of rough diamonds. The SNZ has hosted over 25,000 visitors, presenting an impressive display of over 15 million carats of rough diamonds valued at a substantial sum exceeding USD 3 billion.