There is still some uncertainty if the nearly two-decade dream of shifting the diamond market from south Mumbai’s Panchratna to a new trading hub with single-window facilities to central Mumbai’s Bandra-Kurla Complex will take off this year or not.
A Bharat Diamond Bourse was planned as a new-age complex with all modern amenities and infrastructure. Around 30 banks were planned to be housed in the complex, along with a dedicated customs house facility, around 24,500 safe deposit vaults and security measures at par with global markets.
With an initial estimate of Rs 600 crore, the project was started in 1992. But disputes between the BDB committee, its architects and contractors, and payment defaults by members during the 1995-99 property slump, put the project on hold in 1998. It was restarted in 2001.
More : business-standard.com
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