Surat Set To Have indias first diamond sez With the astounding success of array of special economic zones, The Diamond capital of India,Surat will now have a dedicated -exports hub for diamonds , possibly the first of its kind in India.
A Special Economic Zone is a deemed Foreign land for the purpose of trade operations, duties and tariffs. SURSEZ(Surat SEZ) offers hassle free business environment along with a wide range of regulatory and fiscal benefits offered by the State and Central governments. The major categories of units in Surat special economic zone that are in operation of late range from textiles, garments, Made ups which comprise of pillows, quilts, bed-sheets, etc, Information technology components such as Hardware, goods on technology and engineering, pharmacy and pharmaceuticals, Chemical substances, Gems & Jewelery, Diamond processing, Tobacco production, and etc. Currently, the Surat special economic zone is operating around 120 units along with the export production all across the world.
“We have identified everything (like land) and I think may be in a month or two we will set up the SEZ,” Gujarat Finance Minister Saurabh Patel told.Plans to build a diamond exchange in Surat received a boost when two Emirati institutions agreed to lend their support to the endeavor, Business Standard reports. The Gold Souk of Dubai and the Dubai Multi -Commodities Center have formed an alliance with Government of Gujarat to help establish the course, according to a Gujarat government spokesperson. The announcement followed a visit to Dubai by Gujarat Finance Minister Saurabh Patel.
While the Gujarati Government has not yet officially apportioned land for the construction of the SEZ, that has not stopped its planners from taking applications from diamond TRADERS who desire office space in the proposed facility. Surat Diamond Association President Dinesh Navadiya said that about 9,500 traders have already submitted applications.
There are a total of 18 operational SEZs or export hubs in Gujarat, and there is no data to suggest that there is an SEZ exclusively for diamond.India’s gems and jewellery sector accounts for about 15% of the total exports. Total gems and jewellery exports from SEZs in April-July stood at USD 1.08 billion as against USD 1.58 billion in the year-ago period.
Exports of cut and polished diamonds in the April-July period stood at USD 7.5 billion, as against USD 8.42 billion in the same period last year.