Despite facing challenges, the people of India still harbor dreams.
In December 2017, India launched the construction project of the Surat Diamond Bourse Super Office Building, which lasted for five and a half years and was successfully completed in July 2023.
This project experienced several delays but ultimately did not fall through, becoming a significant achievement for India.
Surat, located in western India, is renowned as the "Diamond City."
The diamond processing industry here is highly developed, with numerous diamond processing companies and skilled craftsmen.
It accounts for cutting and polishing 90% of the world's diamonds.
The construction of the Surat Diamond Bourse had a total investment of approximately 2.8 billion yuan and is located in India's diamond processing hub, aiming to create the world's largest diamond processing and trading venue.
The scale of the Surat Diamond Bourse is immense, with a total built-up area of 660,000 square meters, surpassing the Pentagon in the USA.
It consists of nine rectangular buildings, each 15 stories high.
This superstructure is seen as a showcase of India's architectural prowess and innovation, a source of pride.
However, despite the completion of the Surat Diamond Bourse being considered a significant milestone for India's diamond industry, it faces severe challenges.
The rise of lab-grown diamonds has caused a sharp decline in natural diamond prices, with the international diamond price index dropping from historical peaks to around 110 currently, a decrease of about 30%.
Henan, China has become a major production hub for lab-grown diamonds, producing over 50% of the global output, further intensifying competition in the natural diamond market.
Zhecheng County, Shangqiu City, Henan Province, as a major production site for lab-grown diamonds, boasts a complete industrial chain and advanced processing technology.
The county produces over 70% and over 50% of the market share of lab-grown diamond micro-powder and diamond fine powder in China, earning it the title of "Capital of Lab-Grown Diamonds."
Nevertheless, diamonds, as traditional jewelry and investment items, still hold unique market value and symbolic significance.
The popularity of lab-grown diamonds has made them competitive in terms of price and quality with natural diamonds.
However, natural diamonds still possess their inherent scarcity and high-quality attributes.
For the Surat Diamond Bourse, despite facing unfavorable conditions in the global diamond market, it still holds potential for other commercial and social purposes.
However, its suburban location and inconvenient transportation limit its maximum commercial value.
In addition to challenges in the diamond market, India also faces various economic and social issues.
Firstly, India's infrastructure construction and urban planning still face many challenges, which not only limit economic development potential but also affect investor confidence in the Indian market.
Secondly, India's political stability and governance efficiency still need improvement, factors that directly influence domestic and foreign investors' decisions.
At the same time, India's education system and technological innovation capabilities also need further development to support its economic transformation and industrial upgrading.
Despite significant achievements in the information technology and software services sectors, there are still considerable gaps in areas such as manufacturing and infrastructure construction.
Furthermore, India faces issues such as environmental pollution and resource scarcity, which not only affect people's quality of life but also pose a threat to long-term sustainable development.
However, despite these challenges, the people of India still hold dreams and hopes for the future.
They look forward to addressing various current issues through reform and innovation, achieving comprehensive national development and prosperity.
The completion of the Surat Diamond Bourse is not only a symbol of India's diamond industry development but also a testament to the resilience and creativity of Indians in the face of challenges.
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