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New diamond bourse opens in India

October 13, 2008

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Mumbai, India—A project nearly two decades in the making, the new diamond bourse in India officially welcomed its first tenant last week, according to a report from the Gem and Jewellery Export Promotion Council (GJEPC).

At a ceremony held on Oct. 9 in Mumbai, India, the GJEPC inaugurated its office at the Bharat Diamond Bourse (BDB) in the suburban Bandra-Kurla complex.

Included in the initial move were the GJEPC's exhibitions department, which organizes the annual India International Jewellery Show and the GJEPC's attendance at 25 trade shows worldwide, and the Promotion, Marketing and Business Development cell, which is headed by former GJEPC head Sanjay Kothari.

According to the report, the rest of the GJEPC's division will make the move to the BDB shortly.

Customs and some of the first offices from other sectors of the industry are likely to make the move to the BDB by Dec. 15.

The BDB project has been in the works since about 1989, according to the report.

The land for the bourse was acquired in 1992, but a number of setbacks have plagued the project, including the death of sightholder London Star's S.G. Jhaveri, who originally announced he would undertake the project.
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