Surat Diamond Bourse: 50 Offices are Open, out of 4,700

(IDEX Online) - The ill-fated Surat Diamond Bourse (SDB), built at a cost of $388m and officially opened by India's prime minister two years ago, is reported to still have no more than 50 operational offices.

The building, recognized as the largest office complex by Guinness World Records, has over 4,700 offices, but has struggled to attract occupants.

All the offices have been bought, but in many cases as speculative investments rather than for immediate business use.

The building's success has been blighted by huge levels of inertia, compounded by a weak market and, more recently by the impact of US tariffs.

Traders also cite financial barriers - maintenance fees and relocation costs - as well as practical problems with the building, such as erratic power supply, water shortages, and unfinished roads.

They're also concerned that despite its huge size, SDB is isolated - 10km to 15km from Surat's bustling and familiar diamond clusters such as Mahidharpura, Varachha, and Katargam.

Recent media reports suggest the number of operational offices at SDB will rise from just 40 or 50 currently to 150 in the new year.

SDB Committee Vice Chairman Laljibhai Patel told the Gujarati news portal DeshGujarat that more offices should become functional in January.

Occupancy peaked near 250 in early 2024 but plunged, reportedly to as few as eight, amid market woes, as traders relocated to Mumbai.

We have approached SDB for comment.

Pic, courtesy SDB, shows part of the building's vast interior.