India gets world’s largest diamond trade centre

The Bharat Diamond Bourse - the largest of its kind in the world - has opened in India.

The world's biggest diamond trade centre has opened in India, approximately two decades after plans were first put forward.

The Bharat Diamond Bourse (BDB), located in Mumbai, is part of the country's bid to rival places such as Antwerp as a major trading hub for diamonds.

President of the BDB Anoop Mehata said traders will have finished moving in to the new site by December and one highlighted the numerous benefits over the previous offices, which were spread across three buildings in the south of the city.

"All segments of the diamond business will get streamlined by coming under one roof, ensuring economy of trade and better work conditions," remarked Darshan Lakhani of Mahima Gems.

Traders, banks, investors and a customs department will all be housed in the new facility, which features a secure room for storing diamonds that are due to be exported.

Elsewhere in the country, it recently emerged Alrosa, the Russian diamond mining firm intends to open an office in India and sign supply deals with three companies.