Surat: The appointment of Mr. Arvind Shah from Dhanera Diamonds as the president of the Surat Diamond Bourse (SDB) Service Co-operative Society has sparked conversations about potential repetition of history. Shah steps into a role previously occupied by Mr. Nagji Sakaria of HVK Diamond, who stepped down amid efforts to shift Mumbai’s diamond trade to Surat, hinting at possible challenges ahead.

Industry observers are now keen to see if Mr. Shah can navigate these challenges more successfully. Reviving operations or ensuring the success of such a significant venture would require strong leadership, strategic planning, financial investment, and industry-wide support. If Arvind Shah or any other influential figure were to take on a significant role in this process, their strategy might include:

1. Strengthening Industry Ties: Collaborating closely with diamond traders, manufacturers, and other stakeholders within the diamond supply chain to ensure their needs and concerns are addressed.
2. Infrastructure and Logistics: Ensuring that the physical and technological infrastructure of the SDB is state-of-the-art, to facilitate easy and efficient trading, along with secure and rapid logistics for the movement of goods.
3. Regulatory Support: Working with local and national governments to ensure supportive policies and regulations that facilitate trade, perhaps including tax incentives, customs facilitation, and security measures.
4. Marketing and Global Outreach: Promoting the Surat Diamond Bourse globally to attract traders, buyers, and sellers from around the world, positioning it as a leading international diamond trading hub.
5. Innovation and Technology: Implementing advanced technology for diamond trading, verification, and logistics, including blockchain for traceability, to attract modern, tech-savvy businesses.
6. Financial Services: Developing financial services tailored to the diamond industry, such as financing, leasing, and insurance, to support traders and companies operating within the bourse.

The actual involvement of Mr. Arvind Shah or any other individual in such efforts would depend on their position, the support from other industry and government stakeholders, and their ability to marshal the necessary resources and consensus. Given the dynamism of the global diamond market and India’s pivotal role in it, leadership and innovation will be key to the Surat Diamond Bourse’s success.

The SDB has introduced Govind Dholakia, a BJP Rajya Sabha MP and the founding chairman of Shree Ramkrishna Export, as its new chairman. With aims to leverage Dholakia’s influential networks, the SDB aims to be fully operational with around 500 diamond offices by May 2024.