The Overhead Battle: Surat — The Diamond's New Epicenter

Dear Valued Readers,

Greetings!

Soon, there will be a tug-of-war between Natural Diamonds and Lab-Grown Diamonds on overheads. Will Surat, the diamond city, welcome the new era of international diamond trading? Or celebrate the growing number of labs producing synthetic diamonds?

The new chapter, which is about to open in November this year: is it confusion or a direction?

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Enjoy Reading!

And, do write your thoughts...

Diamonds, those dazzling gems, hold a mystique that captivates us all. You see, these gems vary in quality, from the brilliant Flawless to the humble I3. But here's the kicker: the price for these treasures often reaches astronomical heights, surpassing what you'd pay for the finest Lab-grown gems.

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Picture this: You step into a renowned jewelry store or a quaint local shop. Instantly, you're embraced by opulence and warmth. It's a feeling that lifts you high, akin to the exhilaration of owning a private jet.

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Back when I worked in retail, I couldn't help but notice the radiant joy on people's faces as they acquired these precious jewels. I was tasked with ensuring every customer received top-notch service, offering refreshments with genuine care.

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My boss, who also happened to be my mother, believed in constantly refreshing the store's interior. This way, every potential customer experienced something unique. During interviews for salespeople, I observed her keenly. She prioritized appearances and polished speech and was always willing to invest in training to foster excellence.

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My path eventually led me to Surat, India, where I pursued studies at the Indian Diamond Institute. After a year, I ventured into the wholesale diamond trade and jewelry manufacturing. Little did I know, the world behind diamond cutting, trading, and mass jewelry-making wasn't as lavish as the glitzy retail scene. Here, strategies revolved around cost efficiency and frugality.

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A simple paper packet, costing a mere rupee or five, was used for diamond packaging. Remarkably, these humble packets were recycled time and again, serving their purpose until they naturally wore out.

Pencils, not pens, are used to jot down details on these packets, and there are diligent workers who erase marks and refold packets for reuse.

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This ethos of thrift extended to hiring practices. Unlike the retail sector with its high-paid salespeople, the cutting and trading industry valued integrity over skills. Business owners here were more inclined to train fresh talent than to splurge on seasoned experts. Sure, there were exceptions, but most merchants strived to nurture and retain an economic workforce.

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Overuse was the name of the game. Even at trading centers, diamond trading thrived on space utilization. Every inch mattered whether it was an office, a grading table, or even a parking lot. Unlike the glitz of retail, cutting and trading centers flaunted an unmatched money-saving spirit.

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Don't assume these practices are universal across the globe. But in the diamond industry, even the tiniest savings, less than a decimal point's fraction, could add up to significant sums. Imagine a month's worth of diamonds processed using a fresh packet for each step. It can rack up packing costs in the hundreds of thousands.

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In contrast, the "Bharat Diamond Bourse", in Mumbai, India, emerged as the center of diamond trading. This place offered convenience and security like no other. Here, traders could access vital services easily, which was an added perk. The whole area tends to be pedestrian-friendly, ensuring safe passage for these invaluable gems.

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But as the saying goes, there's no such thing as a free lunch. Despite all the money-saving tactics, acquiring concrete-walled offices within the "Bharat Diamond Bourse" wasn't a budget-friendly endeavor. Partitioned cabins and open halls with tables weren't cheap either. And most rentals required long-term commitments.

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Imagine the new chapter that is unfolding soon: in Surat, India, the world's largest office complex, "Surat Diamond Bourse", is on the horizon, surpassing even the Pentagon in size. This monumental structure heralds a new era for diamond trading, making Surat a global hub.

As this impressive Diamond Bourse neared completion, the government worked tirelessly to ensure the city offered the necessary amenities. The stage is about to be set for a thriving trade environment, albeit at a cost.

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With all these advancements, safety measures, and the new Surat City taking shape, affordability will soon become a rare commodity here. Trade essentials would become more expensive as the complex thrives.

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But here's the twist: what about the lab-grown gem companies situated in Surat? Can they weather these changing tides? Their relatively lower prices have been their secret weapon, giving them a competitive edge against natural diamonds. And with time, these prices might dwindle further.

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Surat boasts over 4,000 reactors devoted to growing diamonds in labs. This begs the question: will this new Surat be remembered for its "Surat Diamond Bourse", or as the city of lab-grown diamonds, standing on "Cost as the USP"? Will the cost of trade become the battleground for these two rivals? Or will the lab-grown diamonds be capable of accommodating expenses at a premium?

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Yet, amidst all this, my frustration simmers. I grapple with the government's approach to balancing these two items – commodity: natural diamonds, versus product: lab-grown diamonds. But this, my friend, is a tale for another day.

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So, there you have it: the world of the diamond trade, a realm where brilliance and frugality meet. An ever-evolving saga, with Surat at its heart, where diamonds shine and dreams are forged.

Thank you!

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