Kiran Gems has reopened its office in Mumbai’s Bharat Diamond Bourse (BDB), two months after closing the location and moving its headquarters to the new exchange in Surat.
The polished manufacturer is one of the most important companies to embrace the Surat Diamond Bourse (SDB), which Indian Prime Minister Narendra Modi inaugurated last month. Kiran’s founder, Vallabhbhai Patel, is also the SDB’s mastermind and chairman.
In November, Kiran announced it was moving its headquarters from Mumbai to the SDB, “signaling a pivotal moment in the history of the diamond-manufacturing industry.” It closed the BDB location at the same time, enabling huge savings.
However, as of January 22, Kiran now operates in both cities, a source close to the company told Rapaport News on Monday. Media reports claiming Kiran had left the SDB are false, the source added.
Surat, the world’s largest diamond-cutting hub, offers cheaper overheads than Mumbai and enables companies to bring their marketing teams closer to their manufacturing operations. But it is harder for customers to access, being around four hours by train from Mumbai, where most diamond sales currently take place.
Kiran’s management was not available for comment at press time.
Main image: The Surat Diamond Bourse. (Edmund Sumner/Surat Diamond Bourse)