Diamond Industry Mumbai
Owing to continuous exploitation of the mines over the centuries, they are now depleted. This has caused a change in the nature of diamond trade from being a mining industry it has become a manufacturing industry and the gradual emergence of Mumbai as the new diamond trading hub. In the 1970s, with the establishment of the Gemological Institute of India (GII) to provide training and scientific expertise the market moved on to the Opera House and then the Bandra Kurla Complex with the Bharat Diamond Bourse functioning as a Corporate trading hub.
By providing the industry space to establish its base operations and by witnessing its transformation from mining to manufacturing industry; from appeasing “mine spirits” to conducting Laxmi Pooja; and, from being a luxury item limited to the elite to an affordable item for working-class, Mumbai has played a significant role in the journey of the Diamond Market.