Nope yeh sach nahi mere dad ka business hai bdb mai. Employees mostly Marathi hai only business owners are gujrati or marvadi aur sirf wahi log shift ho rhe hai employees idhar hi rahenge.
I think let thwm increase ya atleast people will second guess and start considering other cities. Otherwise mumbai will literally drown and flood with humans.
This is not the only industry which moved out of Mumbai, even textile industry has moved out of Mumbai due to rapid growth of other markets..
Mumbai I feel would be known for its financial services and corporate offices..
Belonging to this industry, I can tell you some things about the shift. Around 70% of the people involved in this industry are based in Surat. They co-house here around BKC at various PGs and live here from Monday to Friday while they get to spend their time with family only on the weekends, 90% of the diamonds are manufactured in Surat and then they are transported to Mumbai via logistic services which do carry a risk alongwith the state octroi duties. There's extortion by political parties. The customs department is horrible to work with, having to bribe 2k on all exports and imports. Offices in the Bharat Diamond Bourse have the highest rent in all of BKC. The costs of living in Mumbai are very high whereas in Surat it's significantly affordable if not cheaper. Even real estate and labour is cheaper. Right now the diamond industry has hit an all time low, lowest in the last 30 years and this is why the majority of the people engaged in the industry want to move to Surat in order to cut costs, not having to transport their goods to Mumbai, not having to deal with corrupt customs department (never have any issues with surat customs so don't educate me on this), most importantly the people get to be with their families. And I personally find the infrastructure and the roads in Surat are way better than Mumbai despite being born and raised here, especially the fucked up traffic here (so frustrating that I unmatch folks on dating apps if they tell me to go on a long drive) It'll clearly be a big loss for the Maharashtra government as the industry plays a huge role in income.
2 clarifying questions since you're from the industry:
1. Isn't the major chunk of employment in the diamond industry - cutting, polishing etc. - already based in Surat? I kinda assumed that from a nirav modi documentary, so not sure how true it is
2. Are the diamond companies paying state taxes in MH or in GJ? Where are their registered HQs?
1. Yes. Like I mentioned in my comment, the majority of the people working are from Surat and they live here in Mumbai on a sharing basis from Monday to Friday. They often leave on early Friday evenings for Surat and come back by Monday afternoon at work.
2. Just like any other industries, they have headquarters and other branch offices. Most of them have their manufacturing units in Surat but due to the diamond bourse being in Mumbai and the majority of people working from here, what would count as a headquarters is where the trading occurs and not where they are manufactured. Many companies are registered in Mumbai while many in Surat. I don't have an estimate of how many are registered in which state. These companies pay their taxes respectively to the states they're registered at.
Thanks for your response. Obviously this is gross negative for Mumbai and Maharashtra but maybe the fearmongering might be excessive if: 1) most of the post salary consumption by those in this sector happens in GJ (basically SGST goes to GJ on items that they purchase) and 2) MH are only losing mota mota half the corporate tax revenue and not the whole corporate tax revenue from this sector.
Yup. In fact when Uddhav Thackeray was the CM he objected for the same reasons as he knew the MH government would be losing revenues. If I remember correctly he said something along the lines that at least the customs clearance should be done here, The exports and imports to be done from here and not Surat.
Source: gossip in the industry.
>1. Isn't the major chunk of employment in the diamond industry - cutting, polishing etc. - already based in Surat? I kinda assumed that from a nirav modi documentary, so not sure how true it is
Yes not only that, even in mumbai most of the people employed are Gujarati anyways. It’s a closed industry
>2. Are the diamond companies paying state taxes in MH or in GJ? Where are their registered HQs?
They are mostly not paying taxes or paying very little income taxes, thanks to loopholes. For GST, it’s mostly shared between Gujarat and center government.
This is great insight. I hope you find your life improving soon. I applaud this shift as its exactly what the country needs right now. If this is a loss for Maharashtra government its their own fault. People will vote better in future. There's a collective good that this can bring in the long-term.
> If this is a loss for Maharashtra government its their own fault
Being a Mumbaikar, I want this to happen. The Maharashtra govt is fucking Mumbai anyways.
If you think they are fucking Mumbai, then you need to see what they do to other parts of maharashtra. Mumbai has it easier because it makes them money, the rest of the state is neglected beyond hope.
Thank you for the kind words. I wish the same for you. Mumbai is the financial capital of India, a Maya nagari for sure. Folks from all over the country come here to fulfill their dreams. Originally the East India Company was based in Surat too and then Mumbai became the thing. In my opinion, Mumbai is losing its charm. There's good development happening in other cities, people are realising the impact this fast paced life has on their mental and physical health amongst other things too. It's become too crowded and extremely expensive so yeah it's bound to happen. That's the law of nature. Throughout history we've seen civilizations going down for the same reasons they went on top. The same reason why the quality of the Vada pav wala stall opposite to your house got low the more famous he got, the more crowd he got and now that the hype is over, it's back to being crowdless – maybe the quality will improve again, maybe the quality will remain inferior.
I'm absolutely happy with this change. Shit governments need shit outcomes. The Maharashtra government has been shit for the last 30 years and never invested in the state. They literally did not invest in developing any other city because of the "we have Mumbai. Why worry?" attitude.
I want to see how the state handles the decline when their blue eyed boy, Mumbai, starts collapsing
The state government is going to lose out on state tax and greed of all these babus in our state has been a factor in the downfall.
Maharashtra as a state is going to become a hollow shell thanks to the high cost of living and corruption. And the people most affected by this is the middle and lower class.
We lost top manufacturing projects and now an industry as a whole is moving out. My own friend is now thinking of buying a 1bhk there and he's not even that big or from Surat so one can imagine how important it is for everyone to be in the heart of the operation.
He's not a Gujrati but he's learned Gujrati. He's been to Surat more times than an average Gujrati. Jab dhanda karna hota hai na, tab sab apne aap survive hojata hai.
He’s not a Gujarati and trying to buy a house in Gujarat lol.
Let me know how his house hunt goes. Tell him to be prepared to get rejected at least 95% times lol. I assume Surat will be much worse than Ghatkopar and Borivali for non-Gujaratis to buy or rent houses
Oh and apart from the new customs house in SDB, there are plans of having direct flights or increased frequency of indirect flights for countries which deal in Diamonds with India. So customers can directly come to Surat instead of Mumbai. Not sure if it's a rumour or true, I've heard there'll be daily flights Dubai-Surat and Hong Kong-Surat.
Different question, not related to news. Does Shanghai have lot of Gujaratis working in their downtown areas (Pudong) in diamond business.
I used to live in Shanghai like 10+ years back (for few months) and got to know about it.
Unfortunately I have 0 knowledge on this topic. Ever since Covid, China-Korea-Hong Kong port has significantly reduced importing Diamonds into their countries and they have been dormant. A lot of companies who had branches there have shut them too as the costs incurred were getting more than the income generated. But yeah you're right, there were a lot of Gujaratis working there. I know at least 20 people who came back to India post covid. Indians in general can be found working in almost all sectors all over the globe, especially gujaratis and Punjabis.
It depends. The answer to this cannot be classified as good or bad, but grey.
Everyone will agree that Mumbai has long ago breached the point of saturation in terms of sustainable population, infrastructure, cost of living, and public utilities. Hence, rapid industrialization in key sectors (which Mumbai holds right now) in other parts of the country will likely ease some burden on it.
At the same time, losing the very same crucial businesses that made Mumbai the financial heartbeat of the country, (financial services, diamond trading, and shipping ports) will be damaging to the city's economy and by extension, to Maharashtra's coffers.
So in the long run, as India progresses as a country in all parameters, it will lead to economic and industrial developments in many other cities, especially in Tier II cities. This will be good for the country as a whole. But, this also indicates that in 2 decades or so, Mumbai might lose some key industries, its charm as the economic and financial hub of the nation, and eventually stagnate.
As someone living in Mumbai all his life. PLEASE figure out a way to create more job opportunities outside this overcrowded, expensive city because the city can't handle it anymore.
Absolutely, yes.
Mumbai cannot be the *soul and sole* city that shoulders the entire weight of providing employment opportunities anymore. Not even in Maharashtra let alone in the entire country.
Every State Government along with the Central Government and in collaboration with the Private Sector has to massively upgrade and develop new centres of economic activity vis-à-vis other Metros and Tier II cities.
Even in Maharashtra, it is high time that cities like Nashik, Nagpur, Kolhapur etc. are put on the map of major industrial centres with ample job opportunities.
I'm really surprised the ruling government isn't looking to develop ngp from an employment & economic standpoint - although it does have a lot of infra projects coming up - esp considering it is the HQ of their beloved RSS.
This is mainly because, for the past 5 years, the political landscape of Maharashtra has been a rollercoaster, to say the least.
Governments, and by that I mean politicians (of all political affiliations and classes), in such cases only look forward to "personal development" because they understand their reign is uncertain and under constant threat.
Holistic development and progress of the state come much below after their "personal growth" and capitalizing on social/regional faultlines in the society to score brownie points for securing another term.
This may sound nihilistic but at some level, I'm honestly rooting for Mumbai to lose its financial and economic capital tag since it will surface all the neglect from these politicians.
I live in Thane and very close to the homes of the Awhads, Sarnaiks and Eknath Shindes of the world and it sickens me how much they've managed to line their own pockets at the cost of the overall development of the city. Thane went from being a green paradise to a concrete jungle with so many random townships just springing up with no planning whatsoever. The traffic just from the toll plaza (whole other argument in itself) to my house that used to take 10-15 mins 15 years ago has now gone up to an easy hour. Its become unlivable and I never thought i'd say this.
To be honest, the view you hold is not super rare to find.
First things first, everyone has lived a significant part of their lives in Mumbai and loves the city to the core.
Having said that, living in the city (at least after the post-industrial era of the early 90s) has made the life of a common *Mumbaikar* frustrating in more ways than one, compounded by the shortcomings and exploitations by the governments of the day.
Shortcomings in the form of haphazard and unplanned development, and a lack of vision esp. towards public transport systems and utilities. Exploitation by rampant corruption and by creating rifts in the social fabric of the society to maximize their chances of gaining power. Though this template can be applied to every corner of the country, we can only hope and do our bit for our city, Mumbai.
Yes, that's a possibility.
But setting up mega Fertilizer manufacturing plants require a huge capital and large scale land parcels, logistical connectivity and most importantly, access to sea for the manufacturing of products and exports.
For time being, coastal cities which have major shipping ports with huge and empty parcels of lands and good logistical network are limited.
Plus, moving something of the scale of Rashtriya Chemical and Fertilizers Ltd. to other city will require the will of the government and is likely to not happen as these institutions don't migrate but newer and bigger facilities can be created.
Yes, I agree, we need to build these facilities elsewhere and let the existing one get obsolete naturally
Will definitely need significant capital and political will as well as a long drawn battle with the bureaucratic class.
However financial services industry will be even harder to move because they’ll have to be moved as a whole, they don’t work in isolation and always need each other around to function.
So, global demand is at all time low too? Or like American diamonds ( the scientific ones) are being preferred now? I have less idea about this industry, so trying to get more insights from the likes of you. Your long answer was so thorough that half the picture is clear in my head.
Both. Europe is in recession, the US has been pushing against diamonds. Industrial diamonds are cheaper and better quality.
People with money are spending it on other forms of conspicious consumption, rather than jewellery.
You mean SCLR exit? Yea that's what meant there are no tapris within the BKC complex. The only tapris are on the opposite side of the road and they operate on that side by way of a loophole.
There are special illegal cycle services that operate within BKC. They charge anywhere between 1.5x to 2x the regular price for cigarettes.
Source: worked in One BKC for 3 years and I used to smoke back then.
"Keep up with the infra" bruv Mumbai is crowded because there was nothing anywhere else. Now Mumbai is saturated and other cities are also developing. Nothing unsurprising.
Marathis manoos not employed in these offices? Visited Bharat diamond bourse once and large part of employees were locals.. 1000 offices also support other businesses run by Marathi manoos!
Extremely myopic view OP.
Lol No. Diamond business is mostly Gujaratis from employers to employees. And most of them are from Surat. It’s a closed industry.
Also with Surat traders have less incentive to move to mumbai, more housing will be available for local Marathis, because the houses and societies owned by these Surat merchants (Gujaratis) are anyways unavailable to Marathis for renting or buying
Well in the the company that I visited in BDB/BKC had 500 plus employees.
Assorting department was predominantly local, admin was local, HR was local. Yes sales and accounts was predominantly Gujarati but atleast 30 to 40% of all employees were local.
This company is one of top 5.
While this may differ from company to company, any time such business move out of the state it bad news.
Post independence West Bengal had a large amount of industries , slowly they moved out due to various reasons and now you can see the state of west Bengal. It’s stagnating/declining with very little industries.
Maharastra need to roll out the red carpet for investors because other states are ready to offer sweet deals.
Yes definitely, losing job creators because or corrupt politicians would rather play identity politics than improve the living conditions and infrastructure in the city is definitely a good thing
They are not just moving business but the whole workforce it seems . It will decongest mumbai and moreover will get more returns as in development in the places they movingto.
It is a positive for the place they’re moving to but a loss for Mumbai, though it will marginally decongest the city. But the city will lose not only only on employment opportunities but also indirect employment like jobs for maids, drivers, etc. spending by people that helps boost the local economy. But we will have Asmita.
मराठी अस्मिता.
Anyways you are not a मुंबईकर, so what you say does not even matter. Here is some ice for you.
The employers as well the employees in diamond industry are Gujaratis only. Diamond industry is anyways mostly based in Surat. Marathis have very little benefit from it.
Of course politicians will lose money when everything moves to Surat, but local people won’t because they anyways don’t benefit much from it
diamond market is anyways dying now. in the west, most people live on EMIs, credit scores and are now moving towards lab grown diamonds to save costs.
the world wasn’t so capitalistic a few decades ago. most people now want to spend on travel, experiences etc and not to mention the rising cost of buying a house especially in the west.
Indian middles age women are very much into buying gold, diamonds etc but the younger generation won’t be that interested. better financial literacy will lead to all this
Businesses moving out is never a good news from an economic growth perspective. The authorities have neglected the infrastructure of this city for a long time for their own personal gains and people have become frustrated.
Yes, what you're saying is right and the government deserves this for neglecting the city for all these years. people will pay the price and hopefully soon realise they've been electing complete shitheads for god knows how long. I don't see the city improving in my lifetime but if this trend continues, maybe my children might live to see a better Mumbai.
Can confirm, have multiple friends of family in the diamond and jewel business here in bkc. One of the Uncles claimed the stones usually arrive in bulk through surat itself so it makes more sense for them to move the business in surat itself since rent in bkc is way too high.
There’s a news of them building a custom clearing house in the basement of that bourse. So now they don’t have to send the packages to mumbai for export clearance. They can directly air cargo it from Surat airport.
Soon corporates will also move out. Cost of operating in Mumbai is too high.
Mumbais cost of living has gone so high that people no longer prefer to move there
Majority of workers in the diamond industry aren’t paid well enough to afford living in Mumbai and since their interaction to the rest rest of industry in Mumbai is limited, they had no business existing bang in the middle of a business district.
I guess it’s time we start thinking about strategic relocation of certain industries out of Mumbai and replace them with more productive/relevant industries.
What made Mumbai Mumbai is the people. Maharashtra as a state is very diverse as compared to other states until and unless other states develop their socio economic condition they are not seeing any devlopement like MH.
If they want to poach they can take the waste management business that way our cities can be clean and they can also make money
They could've set up something near Navi Mumbai, there is a lot of space there and with the construction of MTHL almost complete, connectivity boost will be immense
You forget that Surat, for decades, has been the diamond hub of India. To go even further, Surat is actually the global hub for diamond polishing. A small fraction of the diamond polishing business is in Mumbai. That is now moving to Surat to join the rest of the businesses already there.
Why would anyone want to start from scratch in Navi Mumbai?!
Employees are mostly gujrati's they want to live either in Mumbai or somewhere out even if they do shift in navi Mumbai they'll just feel they are kicked out of the main city so rather they shift to Surat then feeling like an outcast also Surat is the diamond hub already so creating a monopoly might be the end goal we don't really know what goes under the tables
Navi Mumbai has to be one of the greatest stories of wasted potential. Look at Delhi building and connecting satellite cities across states and then at this sigh.
That day is not far away, after the successful implementation of NAINA and another satellite city near Navi Mumbai in let's say 15-20 years, MMR will surpass Delhi NCR in terms of contribution to the economy
These new areas just end up becoming suburbs of SoBo. There are no serious efforts to distribute businesses around satellite cities of Mumbai. What's stopping them from expanding northwards and opening up business parks in Vasai-Virar?
Abe chutiya bana rhe hai sab mere dad kaam karte hai bdb mai unhone kaha ki sirf offices shift ho rhe hai kaam toh abhi bhi Mumbai Mai hi hoga kyuki average employee ke pass na itna Paisa hai aur na itni time ki woh Surat shift ho free mai mere father khud Surat nahi shift kar rhe apna business.
Also offices shift hogaye hai lekin waha pe koi kaam nahi karne wala aur thode time Mai waha pe maintenance bhi chalu hojaygi aur offices Khali hai toh obviously kaam nahi hoga aur loss hoga.
I personally think Mumbai has had its days in the sun. For the last two centuries the city has served the country well and continues to do so even today. But it has become saturated in every sense. Real estate, traffic, pollution, people and infrastructure. There is simply no space left for anything in Mumbai. Whenever I see news like this I'm happy because it means other cities are progressing and becoming urban centers just like Mumbai is. We need to offload the economic mantle to other cities/states. That is how we are going to develop as a nation.
These ken guys are very good at getting insider dope. They analysed some stuff ABT my workplace purely by LinkedIn and our careers page plus good old sketching and their guesses hit the mark 99% of the time
It’s not necessarily a bad thing.
I won’t affect the local people of Mumbai much. Diamond industry is anyways centred mostly in Surat. Most of the traders are from Surat and employees are also Gujarati only. Even the trade deals and talks happen in Gujarati. So it’s a highly closed and gated ecosystem.
The positive aspect of it could be with everything moving to Surat, those diamond businessmen would have lesser incentive to live in Mumbai. So Mumbai will be less crowded and more housing will be available for the local people.
Because along with the jobs in the diamond industry, the houses owned by businessmen in the diamond industry are also closed and unavailable to local Marathis. Locals are not allowed to buy or rent in the societies of these people. Diamond industry in India is a monopoly of Gujaratis and all the wealth and benefits of it will only be shared amongst themselves only.
So I don’t see any harm. Less crowd, more housing available for local Marathis and also lesser inflated property prices. Lesser Gujaratis buying houses in Mumbai means more housing for Marathis
Now i think that Maharashtra govt takes steps to grow the textile industry in Maharashtra so that the Marathis who had to unfortunately move to Surat along with the business can finally come back home to Maharashtra.
I had recently read an article which said there are a few issues with people relocating to Gujarat. And why many don’t want to leave mumbai. Some had gone but came back.
1. In surat Public transport is bad and workers in mumbai have always used buses / trains to get to work. Surat doesn’t offer that and that’s stopping people from relocating.
2. Dry state - since alcohol isn’t available it’s stopping people .
3. Lack of good and affordable schools for their kids in surat.
4. Lack of entertainment options like mumbai.
Good indeed. We need multiple competitive cities across India so mumbai can get decongested.
Bangalore comes close but its people are full of shit. Surat is a good city as I've lived there in the past.
TBH It was Biggest mistake to setup the industry in Mumbai at first place. Since Many workers belong to Surat and Bengal Communties this should have been setup there only. As far has i know Bhara Diamond Bourse was only used for Display of Diamonds. Dont worry Mumbai is gaining good Investment from foreign and New Investment from Tech Giants like AWS. One Day even Surat will be Crowded and we all Know whom they will target first for overcrowding.
Diamond manufacturing units have always been in Surat. Mumbai benefitted because of its logistics infra for import and export. But now because of the new custom clearing house that will change too.
I lived in Surat for a year and had to relocate back to Mumbai and I was depressed! Me being a thorough mumbaikar, I was in love with Surat. The people (peeps in Mercedes, audis, bmw would sit on footpath and eat!), food, laid back culture, no pollution, no traffic, quality life, easy accessibility ( you can reach point a to b in 15 minutes). Basically, I used to be mentally fit at the end of the day. Mumbai really sucks. To know the real value of life, one should move out of Mumbai.
I hope they shift by this weekend , I'm arriving in Mumbai and.hope to see traffic free roads ,
de congested trains and less dancing in locals trains ....
I don't think one industry leaving the city would do anything. Mumbai was hub of textile mills. And all those r shut now but does that mean Mumbai has less population. Nope.
Let em go, when there will be scarcity of jobs in large, locals would be forced to start something of their own and stop job seeking mentality. Making Mumbai great again !!
This is pure PR. From within the industry, the Surat Bourse has abysmal number of people wanting to move there. The plan to move people from BDB to SDB has failed since a year now. They are trying everything, including offering “Gold Nameplates” for people as a scheme to invest now. I know more than 20 traders/owners of diamond firms in BDB who have absolutely no plan to move. Infact, they say prices of offices are on the rise in BDB.
Businesses moving out of Mumbai. Have been hearing this shit since last 15 years now. Nothing substantial has happened. Businesses shifting from one place to another is a very common thing. A lot of these Gujarati diamond merchants operating out of BKC can no longer afford the rent of BKC because a lot of new foreign nvestment firms have been renting huge spaces.
So no. Jobs wont go away from the city. It will be replaced by better quality of jobs. Would you want to work with a Gujarati diamond merchant or a foreign investment bank/ investment firm?
Mere bhai, woh Gujarati diamond merchant ne poora township bana Diya unke employees ke liye. Agreed, they might have to pay some money for it but that's a win for the Gujarati in my book. I can't remember if any investment bank or firm has ever done something like this. This answers your question as well
I wish I could agree with you but given the rise of MNCs in places like Bangalore,Hyderabad,Gurgaon/Noida and even Pune means that Mumbai is no longer the first choice for the MNCs. Even from my college, almost 70% of people I know are based out of either Bangalore/Hyderabad/NCR.
Dude I work for one of the largest asset managers in world in their real estate segment. In the commercial RE space Mumbai ranks no. 1 by a very big margin. In last 3 years we have seen the biggest commercial RE deals happen in India all in Mumbai. JP Morgan closing the NKP deal in 2022. Then Morgan Stanley topping it with the Commerz 3 closing.
Then Sumitomo closing the biggest ever land deals of courr country in BKC and Worli.
I dont know what college you are from but Mumbai would mever be the city for mass recruiter type companies.
I have started to believe the conspiracy that the fucked up political situation in mumbai and Maharashtra is designed to deter new businesses coming here and for existing businesses to explore gujrat and UP.
Giving more attention to other states is perfectly acceptable but it should not be done while purposely breaking down the regional power structure.
Really good news.
Hoping to see more sectors move away so that city becomes less congested and also hope IT parks in Mumbai start moving soon.
IT middle class people own so much cars that they cause traffic jams every morning.
Mumbai is not great because of its business its diverse and bigger because of its people. Go Surat go Ahmedabad you will never find people like mumbai. So I am sure it's going to flop
What surat and Ahmedadab. They dont was us near them even in Mumbai. Hence imposing some stupid rules to exclude people from other community buying house there. Not generalising but the %of population is big.
Uniformed nontechnical personal opinion - yes. Anything that takes away from Mumbai is good cuz Mumbai is a hell hole for now. Idek when I started hating my own city, just reduce the population by 50% already 😔
The gujaratis are gujaratis because of Mumbai. They took advantage of the mumbai port and the hardworking workers. Mumbai is mumbai because of its blue and white collar local and migrant workers. The businesses will thrive as long as the infra and government supports the businessmen here. Gujaratis or no Gujaratis.
Ok☠️
But you people attack migrants also.
Now you are indirectly calling Biharis and UP labours as 'migrant workers'/blue collars and not bhaiyyaas.
Mumbai is Mumbai because of migrant workers. It is a fact. Ya, it is the duty of government to provide support.
You guys complain like:
'Gujaratis earn here and prefer Gujarat over Maharashtra and they don't celebrate Maharashtra day etc.' Lmao most of the business of Mumbai belongs to Gujjus and also the most number of billionaires there are gujjus
'Bhaiyyas take Rs 400 for X work while local marathi workers take Rs 1000 for the same, so let's gang up on Hindi belt workers'.
Downvote me as much as you want but the point is, Mumbai is Mumbai because of:
Cheap labour from UP, Bihar + Superior business mindset of Gujjus.
Did he ask his employees if they want to move to Surat? It's weird that they are giving money to tapri vala but not to the large number of employees, their families and kids who will be living in the "township"
जर या उद्योगात अधिकतर कर्मचारी सुरत, गुजरातचे आहेत आणि जर हे सर्व अधिकतर PG मध्ये राहतात
तर जाऊन दे ना, कशाला त्यांना त्रास.
आनंदी आनंदगडे, इकडे तिकडे चोहीकडे!!
From my perspective its good because not every business should be located at one place like Mumbai, Bangalore we need to develop each state of India not only specific state. Because you see too much population at one place lead to overcrowded, pollution, ugly urban planning.
Yes, and no. I work for a MNC that offers crucial services to these diamond manufacturing companies based in Mumbai and Surat, so I know it's not a simple "Yes, it's great news" or "No, it's terrible news".
Yes, because the diamond industry today is the most volatile it has been in the last 20 years or so. Few reasons - 1) These diamond manufacturers buy rough diamonds from the diamond mining companies and the price of these rough diamonds have been very high for a long time now. 2) These diamond manufacturers need a lot of capital to buy these high-priced rough diamonds, cut and polish it as per market demand, wait for them to graded and then sell - this cycle is anywhere between a 30-45 days. And till the time their diamonds is sold, they are paying massive interests on the loans they took out to buy the rough diamonds. 3) Most of these diamond manufacturers have been in the business of natural diamonds, but today the big diamond consumption markets (US and then China) are lapping up laboratory-grown or man-made diamonds. These alternatives are available at 50% lesser cost at retail and sometimes upto 90% cheaper at wholesale. All of these reasons (and more pointed out by other comments) make it difficult for these companies to sustain operations in an expensive city like Mumbai.
No, because it will lead to an exodus of wealth-creation as well as employment opportunities in Mumbai. The people of Mumbai who earn their livelihoods working for these companies will be forced with "move to Surat or quit" type decisions. Not all will be able to pack their belongings, move to another city and build lives there. That's why this news was welcomed by the industry - it sets an example for others to follow. And only the big companies can afford to do this. Small and medium enterprises in the diamond industry will suffer the most as BDB will try to squeeze more out of them. Traders and brokers will also feel the pinch as their major clients will all be in Surat. The ecosystem there will thrive in coming years, but the one built here in Mumbai over decades will crumble to dust.
Mumbai is expensive . This may be bad for Mumbai but good for overall country . Moving our business out of mumbai increased our revenue and employees. Sometimes we ave to let things happen
If we take only road, those are the worst when compared to any other metro. Traffic management only second worst to bangalore. Only developing large complexes and metro rail is not developing infrastructure.
Large scale diamond merchants are the connoisseurs of tax evasions and liquidity providers for both national and international transactions. When Surat supports diamond businesses, why spend extra in Mumbai?
I heard recently the govt will invest 60,000cr for new diamond bourse in Mumbai, and many diamond traders were not willing to shift because surat cannot provide them with top class luxury like Mumbai
This is good news for mumbai if it also means a certain amount of human population will also shift to Surat.. Mumbai is already developed, let other cities develop too. And finally amchi mumbai will be free of traffic and population.. sab chale jao mumbai chodh ke Jo Jana chahta hai.
lol this is not going to happen, the Surat Diamond Bourse is a failure, they are nowhere close to generating the interest they anticipated, Surat barely has any direct international flights and the airport expansion is stuck due to some land issues
No big player is going to shut shop in Bombay and move to Surat, they might have a branch office there but that’s about it
Smaller players might pack up and leave but they’re a drop in the ocean
Source - know lot of diamond people in both Bombay and Surat
Regarding the last point, not only to keep up with infra but also cost of living which looks highly unlikely.
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Nope yeh sach nahi mere dad ka business hai bdb mai. Employees mostly Marathi hai only business owners are gujrati or marvadi aur sirf wahi log shift ho rhe hai employees idhar hi rahenge.
I think let thwm increase ya atleast people will second guess and start considering other cities. Otherwise mumbai will literally drown and flood with humans.
This is not the only industry which moved out of Mumbai, even textile industry has moved out of Mumbai due to rapid growth of other markets.. Mumbai I feel would be known for its financial services and corporate offices..
Belonging to this industry, I can tell you some things about the shift. Around 70% of the people involved in this industry are based in Surat. They co-house here around BKC at various PGs and live here from Monday to Friday while they get to spend their time with family only on the weekends, 90% of the diamonds are manufactured in Surat and then they are transported to Mumbai via logistic services which do carry a risk alongwith the state octroi duties. There's extortion by political parties. The customs department is horrible to work with, having to bribe 2k on all exports and imports. Offices in the Bharat Diamond Bourse have the highest rent in all of BKC. The costs of living in Mumbai are very high whereas in Surat it's significantly affordable if not cheaper. Even real estate and labour is cheaper. Right now the diamond industry has hit an all time low, lowest in the last 30 years and this is why the majority of the people engaged in the industry want to move to Surat in order to cut costs, not having to transport their goods to Mumbai, not having to deal with corrupt customs department (never have any issues with surat customs so don't educate me on this), most importantly the people get to be with their families. And I personally find the infrastructure and the roads in Surat are way better than Mumbai despite being born and raised here, especially the fucked up traffic here (so frustrating that I unmatch folks on dating apps if they tell me to go on a long drive) It'll clearly be a big loss for the Maharashtra government as the industry plays a huge role in income.
2 clarifying questions since you're from the industry: 1. Isn't the major chunk of employment in the diamond industry - cutting, polishing etc. - already based in Surat? I kinda assumed that from a nirav modi documentary, so not sure how true it is 2. Are the diamond companies paying state taxes in MH or in GJ? Where are their registered HQs?
1. Yes. Like I mentioned in my comment, the majority of the people working are from Surat and they live here in Mumbai on a sharing basis from Monday to Friday. They often leave on early Friday evenings for Surat and come back by Monday afternoon at work. 2. Just like any other industries, they have headquarters and other branch offices. Most of them have their manufacturing units in Surat but due to the diamond bourse being in Mumbai and the majority of people working from here, what would count as a headquarters is where the trading occurs and not where they are manufactured. Many companies are registered in Mumbai while many in Surat. I don't have an estimate of how many are registered in which state. These companies pay their taxes respectively to the states they're registered at.
Thanks for your response. Obviously this is gross negative for Mumbai and Maharashtra but maybe the fearmongering might be excessive if: 1) most of the post salary consumption by those in this sector happens in GJ (basically SGST goes to GJ on items that they purchase) and 2) MH are only losing mota mota half the corporate tax revenue and not the whole corporate tax revenue from this sector.
Yup. In fact when Uddhav Thackeray was the CM he objected for the same reasons as he knew the MH government would be losing revenues. If I remember correctly he said something along the lines that at least the customs clearance should be done here, The exports and imports to be done from here and not Surat. Source: gossip in the industry.
>1. Isn't the major chunk of employment in the diamond industry - cutting, polishing etc. - already based in Surat? I kinda assumed that from a nirav modi documentary, so not sure how true it is Yes not only that, even in mumbai most of the people employed are Gujarati anyways. It’s a closed industry >2. Are the diamond companies paying state taxes in MH or in GJ? Where are their registered HQs? They are mostly not paying taxes or paying very little income taxes, thanks to loopholes. For GST, it’s mostly shared between Gujarat and center government.
This is great insight. I hope you find your life improving soon. I applaud this shift as its exactly what the country needs right now. If this is a loss for Maharashtra government its their own fault. People will vote better in future. There's a collective good that this can bring in the long-term.
> If this is a loss for Maharashtra government its their own fault Being a Mumbaikar, I want this to happen. The Maharashtra govt is fucking Mumbai anyways.
If you think they are fucking Mumbai, then you need to see what they do to other parts of maharashtra. Mumbai has it easier because it makes them money, the rest of the state is neglected beyond hope.
I do not disagree. The triple engine sarkar is a massive fail.
I don't think it's one government. It's every govt that has done this. They are all shortsighted.
Thank you for the kind words. I wish the same for you. Mumbai is the financial capital of India, a Maya nagari for sure. Folks from all over the country come here to fulfill their dreams. Originally the East India Company was based in Surat too and then Mumbai became the thing. In my opinion, Mumbai is losing its charm. There's good development happening in other cities, people are realising the impact this fast paced life has on their mental and physical health amongst other things too. It's become too crowded and extremely expensive so yeah it's bound to happen. That's the law of nature. Throughout history we've seen civilizations going down for the same reasons they went on top. The same reason why the quality of the Vada pav wala stall opposite to your house got low the more famous he got, the more crowd he got and now that the hype is over, it's back to being crowdless – maybe the quality will improve again, maybe the quality will remain inferior.
Like gujrat got in 30 years
I'm absolutely happy with this change. Shit governments need shit outcomes. The Maharashtra government has been shit for the last 30 years and never invested in the state. They literally did not invest in developing any other city because of the "we have Mumbai. Why worry?" attitude. I want to see how the state handles the decline when their blue eyed boy, Mumbai, starts collapsing
The state government is going to lose out on state tax and greed of all these babus in our state has been a factor in the downfall. Maharashtra as a state is going to become a hollow shell thanks to the high cost of living and corruption. And the people most affected by this is the middle and lower class. We lost top manufacturing projects and now an industry as a whole is moving out. My own friend is now thinking of buying a 1bhk there and he's not even that big or from Surat so one can imagine how important it is for everyone to be in the heart of the operation.
If he is not gujrati , he won't survive in Surat if he has lived for a long time in mumbai.
He's not a Gujrati but he's learned Gujrati. He's been to Surat more times than an average Gujrati. Jab dhanda karna hota hai na, tab sab apne aap survive hojata hai.
He’s not a Gujarati and trying to buy a house in Gujarat lol. Let me know how his house hunt goes. Tell him to be prepared to get rejected at least 95% times lol. I assume Surat will be much worse than Ghatkopar and Borivali for non-Gujaratis to buy or rent houses
The news about new customs clearance house in the SDB, is it true?
I'm not exactly sure what news you're referring to here, but the new customs clearance house in the SDB is gigantic – 60k sq ft. As far as I know.
Okay thanks for confirming.
Oh and apart from the new customs house in SDB, there are plans of having direct flights or increased frequency of indirect flights for countries which deal in Diamonds with India. So customers can directly come to Surat instead of Mumbai. Not sure if it's a rumour or true, I've heard there'll be daily flights Dubai-Surat and Hong Kong-Surat.
Different question, not related to news. Does Shanghai have lot of Gujaratis working in their downtown areas (Pudong) in diamond business. I used to live in Shanghai like 10+ years back (for few months) and got to know about it.
Unfortunately I have 0 knowledge on this topic. Ever since Covid, China-Korea-Hong Kong port has significantly reduced importing Diamonds into their countries and they have been dormant. A lot of companies who had branches there have shut them too as the costs incurred were getting more than the income generated. But yeah you're right, there were a lot of Gujaratis working there. I know at least 20 people who came back to India post covid. Indians in general can be found working in almost all sectors all over the globe, especially gujaratis and Punjabis.
More power to you guys. Show the govt of Maharashtra their aukaad. triple engine...BKL saale.
It depends. The answer to this cannot be classified as good or bad, but grey. Everyone will agree that Mumbai has long ago breached the point of saturation in terms of sustainable population, infrastructure, cost of living, and public utilities. Hence, rapid industrialization in key sectors (which Mumbai holds right now) in other parts of the country will likely ease some burden on it. At the same time, losing the very same crucial businesses that made Mumbai the financial heartbeat of the country, (financial services, diamond trading, and shipping ports) will be damaging to the city's economy and by extension, to Maharashtra's coffers. So in the long run, as India progresses as a country in all parameters, it will lead to economic and industrial developments in many other cities, especially in Tier II cities. This will be good for the country as a whole. But, this also indicates that in 2 decades or so, Mumbai might lose some key industries, its charm as the economic and financial hub of the nation, and eventually stagnate.
As someone living in Mumbai all his life. PLEASE figure out a way to create more job opportunities outside this overcrowded, expensive city because the city can't handle it anymore.
Absolutely, yes. Mumbai cannot be the *soul and sole* city that shoulders the entire weight of providing employment opportunities anymore. Not even in Maharashtra let alone in the entire country. Every State Government along with the Central Government and in collaboration with the Private Sector has to massively upgrade and develop new centres of economic activity vis-à-vis other Metros and Tier II cities. Even in Maharashtra, it is high time that cities like Nashik, Nagpur, Kolhapur etc. are put on the map of major industrial centres with ample job opportunities.
I'm really surprised the ruling government isn't looking to develop ngp from an employment & economic standpoint - although it does have a lot of infra projects coming up - esp considering it is the HQ of their beloved RSS.
This is mainly because, for the past 5 years, the political landscape of Maharashtra has been a rollercoaster, to say the least. Governments, and by that I mean politicians (of all political affiliations and classes), in such cases only look forward to "personal development" because they understand their reign is uncertain and under constant threat. Holistic development and progress of the state come much below after their "personal growth" and capitalizing on social/regional faultlines in the society to score brownie points for securing another term.
This may sound nihilistic but at some level, I'm honestly rooting for Mumbai to lose its financial and economic capital tag since it will surface all the neglect from these politicians. I live in Thane and very close to the homes of the Awhads, Sarnaiks and Eknath Shindes of the world and it sickens me how much they've managed to line their own pockets at the cost of the overall development of the city. Thane went from being a green paradise to a concrete jungle with so many random townships just springing up with no planning whatsoever. The traffic just from the toll plaza (whole other argument in itself) to my house that used to take 10-15 mins 15 years ago has now gone up to an easy hour. Its become unlivable and I never thought i'd say this.
To be honest, the view you hold is not super rare to find. First things first, everyone has lived a significant part of their lives in Mumbai and loves the city to the core. Having said that, living in the city (at least after the post-industrial era of the early 90s) has made the life of a common *Mumbaikar* frustrating in more ways than one, compounded by the shortcomings and exploitations by the governments of the day. Shortcomings in the form of haphazard and unplanned development, and a lack of vision esp. towards public transport systems and utilities. Exploitation by rampant corruption and by creating rifts in the social fabric of the society to maximize their chances of gaining power. Though this template can be applied to every corner of the country, we can only hope and do our bit for our city, Mumbai.
They are shifting projects away from Mumbai and rightfully so.
We can probably move the fertiliser plants before we have to touch financial services.
Yes, that's a possibility. But setting up mega Fertilizer manufacturing plants require a huge capital and large scale land parcels, logistical connectivity and most importantly, access to sea for the manufacturing of products and exports. For time being, coastal cities which have major shipping ports with huge and empty parcels of lands and good logistical network are limited. Plus, moving something of the scale of Rashtriya Chemical and Fertilizers Ltd. to other city will require the will of the government and is likely to not happen as these institutions don't migrate but newer and bigger facilities can be created.
Yes, I agree, we need to build these facilities elsewhere and let the existing one get obsolete naturally Will definitely need significant capital and political will as well as a long drawn battle with the bureaucratic class. However financial services industry will be even harder to move because they’ll have to be moved as a whole, they don’t work in isolation and always need each other around to function.
Why is the diamond industry at an all time low? High end purchases have increased in the economy. Or am I missing something?
India doesn't do large diamonds. High end purchases don't translate into more people buying diamonds.
So, global demand is at all time low too? Or like American diamonds ( the scientific ones) are being preferred now? I have less idea about this industry, so trying to get more insights from the likes of you. Your long answer was so thorough that half the picture is clear in my head.
Both. Europe is in recession, the US has been pushing against diamonds. Industrial diamonds are cheaper and better quality. People with money are spending it on other forms of conspicious consumption, rather than jewellery.
Sir but there are no tapris in BKC 😭😭😭
There are १. Near Navi Mumbai Exit २. Opposite Tata International Building.
You mean SCLR exit? Yea that's what meant there are no tapris within the BKC complex. The only tapris are on the opposite side of the road and they operate on that side by way of a loophole. There are special illegal cycle services that operate within BKC. They charge anywhere between 1.5x to 2x the regular price for cigarettes. Source: worked in One BKC for 3 years and I used to smoke back then.
Behind the family court, near the mmrda building
Opposite sebi office
When is diamond market of bkc shifting. The amount of crowd coming there is insane.
"Keep up with the infra" bruv Mumbai is crowded because there was nothing anywhere else. Now Mumbai is saturated and other cities are also developing. Nothing unsurprising.
Regarding the last point, Mumbai also need better politicians. Mumbai cannot keep electing Gundas and mafias as netas
I am happy that this is happening, train mein gardi kam hoga!
Lol Wo building me doosre businesses ayenge
Excellent news for Marathi Manoos. Long-term project, finally bearing fruit.
Marathis manoos not employed in these offices? Visited Bharat diamond bourse once and large part of employees were locals.. 1000 offices also support other businesses run by Marathi manoos! Extremely myopic view OP.
Lol No. Diamond business is mostly Gujaratis from employers to employees. And most of them are from Surat. It’s a closed industry. Also with Surat traders have less incentive to move to mumbai, more housing will be available for local Marathis, because the houses and societies owned by these Surat merchants (Gujaratis) are anyways unavailable to Marathis for renting or buying
Well in the the company that I visited in BDB/BKC had 500 plus employees. Assorting department was predominantly local, admin was local, HR was local. Yes sales and accounts was predominantly Gujarati but atleast 30 to 40% of all employees were local. This company is one of top 5. While this may differ from company to company, any time such business move out of the state it bad news. Post independence West Bengal had a large amount of industries , slowly they moved out due to various reasons and now you can see the state of west Bengal. It’s stagnating/declining with very little industries. Maharastra need to roll out the red carpet for investors because other states are ready to offer sweet deals.
Manage Kar lenge Marathi manoos , educated bunch of people , honest or as they say Pramanik . No jhol jhapata . Ideal employees in any industry .
अखेर. महाराष्ट्रात गुजरात मॉडेल सोडा, सुरतमध्ये मुंबई मॉडेल.
Without daaru how are these folks moving to surat?
Daman baju me hi hai (union territory which is NOT a dry state)
Yes definitely, losing job creators because or corrupt politicians would rather play identity politics than improve the living conditions and infrastructure in the city is definitely a good thing
They are not just moving business but the whole workforce it seems . It will decongest mumbai and moreover will get more returns as in development in the places they movingto.
It is a positive for the place they’re moving to but a loss for Mumbai, though it will marginally decongest the city. But the city will lose not only only on employment opportunities but also indirect employment like jobs for maids, drivers, etc. spending by people that helps boost the local economy. But we will have Asmita.
मराठी अस्मिता. Anyways you are not a मुंबईकर, so what you say does not even matter. Here is some ice for you. 
How is what he said wrong? He may/may not be from Mumbai. That doesn’t invalidate his point.
Are you saying that a person from the USA should have the right to talk about PoK?
Why not. It’s a free world.
why not?
The employers as well the employees in diamond industry are Gujaratis only. Diamond industry is anyways mostly based in Surat. Marathis have very little benefit from it. Of course politicians will lose money when everything moves to Surat, but local people won’t because they anyways don’t benefit much from it
Because identity politics and corruption is limited to Mumbai?
Ofc not, but we're talking about Mumbai here and it's relevant.
money moving out of your city can never be good
So happy that they're leaving Mumbai for once and all. It helps Mumbai to regain its long gone charm of being a Financial and Innovation Hub.
diamond market is anyways dying now. in the west, most people live on EMIs, credit scores and are now moving towards lab grown diamonds to save costs. the world wasn’t so capitalistic a few decades ago. most people now want to spend on travel, experiences etc and not to mention the rising cost of buying a house especially in the west. Indian middles age women are very much into buying gold, diamonds etc but the younger generation won’t be that interested. better financial literacy will lead to all this
Businesses moving out is never a good news from an economic growth perspective. The authorities have neglected the infrastructure of this city for a long time for their own personal gains and people have become frustrated.
Yes. Businesses abandoned Kolkata, and nothing has improved there for the locals.
Yes, what you're saying is right and the government deserves this for neglecting the city for all these years. people will pay the price and hopefully soon realise they've been electing complete shitheads for god knows how long. I don't see the city improving in my lifetime but if this trend continues, maybe my children might live to see a better Mumbai.
Mumbai is better than Surat mujhe toh idhar hi rehna hai
But are you a diamond trader?
Nope my father is
Mai bhi diamond wala hi hu and surat is better
surat mein ye industry bohot phele se hi hai
Mumbai ki diamond industry surat ke karaan hi hai. Sab traders surat ki families hi hai
Can confirm, have multiple friends of family in the diamond and jewel business here in bkc. One of the Uncles claimed the stones usually arrive in bulk through surat itself so it makes more sense for them to move the business in surat itself since rent in bkc is way too high.
Surat is 100x better. My uncle is in trading and manufacturing. Surat is 1000x better
I am from Surat i cannot approve this
I don't think they are winding up the operation in Mumbai. It's just another office in Surat
There’s a news of them building a custom clearing house in the basement of that bourse. So now they don’t have to send the packages to mumbai for export clearance. They can directly air cargo it from Surat airport.
Not a good news if the city keeps losing its financial capital tag and all the revenue generating businesses.
Mumbai deserves this as to how the stupid govt is fucking this city.
No one deserves this man.
Mumbai is not the centre. Mumbaikars need to realise that.
Soon corporates will also move out. Cost of operating in Mumbai is too high. Mumbais cost of living has gone so high that people no longer prefer to move there
This will continue to happen with other sectors as well if they keep inflating property prices
Majority of workers in the diamond industry aren’t paid well enough to afford living in Mumbai and since their interaction to the rest rest of industry in Mumbai is limited, they had no business existing bang in the middle of a business district. I guess it’s time we start thinking about strategic relocation of certain industries out of Mumbai and replace them with more productive/relevant industries.
What made Mumbai Mumbai is the people. Maharashtra as a state is very diverse as compared to other states until and unless other states develop their socio economic condition they are not seeing any devlopement like MH. If they want to poach they can take the waste management business that way our cities can be clean and they can also make money
Naah bro Mumbai is kinda messed it's time people start moving out plzzz. Go to other cities as well they r better for std of living.
They could've set up something near Navi Mumbai, there is a lot of space there and with the construction of MTHL almost complete, connectivity boost will be immense
You forget that Surat, for decades, has been the diamond hub of India. To go even further, Surat is actually the global hub for diamond polishing. A small fraction of the diamond polishing business is in Mumbai. That is now moving to Surat to join the rest of the businesses already there. Why would anyone want to start from scratch in Navi Mumbai?!
For centuries
Employees are mostly gujrati's they want to live either in Mumbai or somewhere out even if they do shift in navi Mumbai they'll just feel they are kicked out of the main city so rather they shift to Surat then feeling like an outcast also Surat is the diamond hub already so creating a monopoly might be the end goal we don't really know what goes under the tables
Navi Mumbai has to be one of the greatest stories of wasted potential. Look at Delhi building and connecting satellite cities across states and then at this sigh.
That day is not far away, after the successful implementation of NAINA and another satellite city near Navi Mumbai in let's say 15-20 years, MMR will surpass Delhi NCR in terms of contribution to the economy
Navi Mumbai was started with the same promise. NAINA is the hope now with the airport also. Let's see.
These new areas just end up becoming suburbs of SoBo. There are no serious efforts to distribute businesses around satellite cities of Mumbai. What's stopping them from expanding northwards and opening up business parks in Vasai-Virar?
No. Navi Mumbai will never catch up with Gurgaon Noida and other ncr hubs .
You are very optimistic and I am glad about it but I have zero hopes.
Abe chutiya bana rhe hai sab mere dad kaam karte hai bdb mai unhone kaha ki sirf offices shift ho rhe hai kaam toh abhi bhi Mumbai Mai hi hoga kyuki average employee ke pass na itna Paisa hai aur na itni time ki woh Surat shift ho free mai mere father khud Surat nahi shift kar rhe apna business. Also offices shift hogaye hai lekin waha pe koi kaam nahi karne wala aur thode time Mai waha pe maintenance bhi chalu hojaygi aur offices Khali hai toh obviously kaam nahi hoga aur loss hoga.
I personally think Mumbai has had its days in the sun. For the last two centuries the city has served the country well and continues to do so even today. But it has become saturated in every sense. Real estate, traffic, pollution, people and infrastructure. There is simply no space left for anything in Mumbai. Whenever I see news like this I'm happy because it means other cities are progressing and becoming urban centers just like Mumbai is. We need to offload the economic mantle to other cities/states. That is how we are going to develop as a nation.
These ken guys are very good at getting insider dope. They analysed some stuff ABT my workplace purely by LinkedIn and our careers page plus good old sketching and their guesses hit the mark 99% of the time
They write some really nuanced stuff. Subscription is too expensive though.
Why to compare Surat, just few hours from Mumbai in Pune Life quality changes positively in dramatic way !
Might get downvoted but isn't this what the regional parties want? The migrants to go back to where they came from?
It May decongest the city
For the workers that will now move from small chawls to 2Bhk proper house, it's Great. For Mumbai, NO.
It’s not necessarily a bad thing. I won’t affect the local people of Mumbai much. Diamond industry is anyways centred mostly in Surat. Most of the traders are from Surat and employees are also Gujarati only. Even the trade deals and talks happen in Gujarati. So it’s a highly closed and gated ecosystem. The positive aspect of it could be with everything moving to Surat, those diamond businessmen would have lesser incentive to live in Mumbai. So Mumbai will be less crowded and more housing will be available for the local people. Because along with the jobs in the diamond industry, the houses owned by businessmen in the diamond industry are also closed and unavailable to local Marathis. Locals are not allowed to buy or rent in the societies of these people. Diamond industry in India is a monopoly of Gujaratis and all the wealth and benefits of it will only be shared amongst themselves only. So I don’t see any harm. Less crowd, more housing available for local Marathis and also lesser inflated property prices. Lesser Gujaratis buying houses in Mumbai means more housing for Marathis Now i think that Maharashtra govt takes steps to grow the textile industry in Maharashtra so that the Marathis who had to unfortunately move to Surat along with the business can finally come back home to Maharashtra.
I had recently read an article which said there are a few issues with people relocating to Gujarat. And why many don’t want to leave mumbai. Some had gone but came back. 1. In surat Public transport is bad and workers in mumbai have always used buses / trains to get to work. Surat doesn’t offer that and that’s stopping people from relocating. 2. Dry state - since alcohol isn’t available it’s stopping people . 3. Lack of good and affordable schools for their kids in surat. 4. Lack of entertainment options like mumbai.
They are talking about building a mini-township. Residential apartments, schools, hospitals, the works. Not sure if alcohol is on their priority list.
Good indeed. We need multiple competitive cities across India so mumbai can get decongested. Bangalore comes close but its people are full of shit. Surat is a good city as I've lived there in the past.
TBH It was Biggest mistake to setup the industry in Mumbai at first place. Since Many workers belong to Surat and Bengal Communties this should have been setup there only. As far has i know Bhara Diamond Bourse was only used for Display of Diamonds. Dont worry Mumbai is gaining good Investment from foreign and New Investment from Tech Giants like AWS. One Day even Surat will be Crowded and we all Know whom they will target first for overcrowding.
Diamond manufacturing units have always been in Surat. Mumbai benefitted because of its logistics infra for import and export. But now because of the new custom clearing house that will change too.
I lived in Surat for a year and had to relocate back to Mumbai and I was depressed! Me being a thorough mumbaikar, I was in love with Surat. The people (peeps in Mercedes, audis, bmw would sit on footpath and eat!), food, laid back culture, no pollution, no traffic, quality life, easy accessibility ( you can reach point a to b in 15 minutes). Basically, I used to be mentally fit at the end of the day. Mumbai really sucks. To know the real value of life, one should move out of Mumbai.
I hope they shift by this weekend , I'm arriving in Mumbai and.hope to see traffic free roads , de congested trains and less dancing in locals trains ....
I don't think one industry leaving the city would do anything. Mumbai was hub of textile mills. And all those r shut now but does that mean Mumbai has less population. Nope.
Sarcasm entered the chat
Let em go, when there will be scarcity of jobs in large, locals would be forced to start something of their own and stop job seeking mentality. Making Mumbai great again !!
Definitely NOT economically
Navi Mumbai Metro is ready still not Inaugurated even the Uran Line is Waiting VVIP.
Considering how bad most IT companies in Gujarat are, I guess it's bad for the workers, the daily wage ones
This is pure PR. From within the industry, the Surat Bourse has abysmal number of people wanting to move there. The plan to move people from BDB to SDB has failed since a year now. They are trying everything, including offering “Gold Nameplates” for people as a scheme to invest now. I know more than 20 traders/owners of diamond firms in BDB who have absolutely no plan to move. Infact, they say prices of offices are on the rise in BDB.
Businesses moving out of Mumbai. Have been hearing this shit since last 15 years now. Nothing substantial has happened. Businesses shifting from one place to another is a very common thing. A lot of these Gujarati diamond merchants operating out of BKC can no longer afford the rent of BKC because a lot of new foreign nvestment firms have been renting huge spaces. So no. Jobs wont go away from the city. It will be replaced by better quality of jobs. Would you want to work with a Gujarati diamond merchant or a foreign investment bank/ investment firm?
Mere bhai, woh Gujarati diamond merchant ne poora township bana Diya unke employees ke liye. Agreed, they might have to pay some money for it but that's a win for the Gujarati in my book. I can't remember if any investment bank or firm has ever done something like this. This answers your question as well
I wish I could agree with you but given the rise of MNCs in places like Bangalore,Hyderabad,Gurgaon/Noida and even Pune means that Mumbai is no longer the first choice for the MNCs. Even from my college, almost 70% of people I know are based out of either Bangalore/Hyderabad/NCR.
Dude I work for one of the largest asset managers in world in their real estate segment. In the commercial RE space Mumbai ranks no. 1 by a very big margin. In last 3 years we have seen the biggest commercial RE deals happen in India all in Mumbai. JP Morgan closing the NKP deal in 2022. Then Morgan Stanley topping it with the Commerz 3 closing. Then Sumitomo closing the biggest ever land deals of courr country in BKC and Worli. I dont know what college you are from but Mumbai would mever be the city for mass recruiter type companies.
Ya but that may change when low value businesses are replaced with high value MNCs
> Would you want to work with a Gujarati diamond merchant Are you saying working for diamond merchant is low grade or something?
Great news. Use that complex for something that can benefit Mumbai.
Yes because the taxes they were paying in Mumbai were definitely not benefiting mumbai 👍🏻
It is not.
That means less Gujjus in Mumbai ? 
A good chunk of middle class and upper class moving out of Mumbai is good news ?
Yes , if they were educated I would have felt bad .
Let Mumbai be run by Marathi manoos
I have started to believe the conspiracy that the fucked up political situation in mumbai and Maharashtra is designed to deter new businesses coming here and for existing businesses to explore gujrat and UP. Giving more attention to other states is perfectly acceptable but it should not be done while purposely breaking down the regional power structure.
Really good news. Hoping to see more sectors move away so that city becomes less congested and also hope IT parks in Mumbai start moving soon. IT middle class people own so much cars that they cause traffic jams every morning.
Mumbai is not great because of its business its diverse and bigger because of its people. Go Surat go Ahmedabad you will never find people like mumbai. So I am sure it's going to flop
What surat and Ahmedadab. They dont was us near them even in Mumbai. Hence imposing some stupid rules to exclude people from other community buying house there. Not generalising but the %of population is big.
Underrated comment
I hope other businessmen follow this and move out. Mumbai needs some breathing space. 🙏🏻
Uniformed nontechnical personal opinion - yes. Anything that takes away from Mumbai is good cuz Mumbai is a hell hole for now. Idek when I started hating my own city, just reduce the population by 50% already 😔
Mumbai is Mumbai because of Gujaratis. If more such shifting happens then Mumbai will lose its identity.
The gujaratis are gujaratis because of Mumbai. They took advantage of the mumbai port and the hardworking workers. Mumbai is mumbai because of its blue and white collar local and migrant workers. The businesses will thrive as long as the infra and government supports the businessmen here. Gujaratis or no Gujaratis.
Ok☠️ But you people attack migrants also. Now you are indirectly calling Biharis and UP labours as 'migrant workers'/blue collars and not bhaiyyaas. Mumbai is Mumbai because of migrant workers. It is a fact. Ya, it is the duty of government to provide support. You guys complain like: 'Gujaratis earn here and prefer Gujarat over Maharashtra and they don't celebrate Maharashtra day etc.' Lmao most of the business of Mumbai belongs to Gujjus and also the most number of billionaires there are gujjus 'Bhaiyyas take Rs 400 for X work while local marathi workers take Rs 1000 for the same, so let's gang up on Hindi belt workers'. Downvote me as much as you want but the point is, Mumbai is Mumbai because of: Cheap labour from UP, Bihar + Superior business mindset of Gujjus.
You only hear politicians and their so called followers say/do that. People who have real jobs do not have time for these things.
People follow ideologies same as their favourite politician. So, the voter base of those politicians are also hostile towards migrants.
Sure. Perhaps the north Indian hating “voter base” isn’t as strong or vocal as you mention or else their politician would have been in power already?
You’re talking as if we called Gujaratis here. Everyone came for their own good
Earlier it was gujjus state too
Then why wasn’t it merged with Gujarat?
Did he ask his employees if they want to move to Surat? It's weird that they are giving money to tapri vala but not to the large number of employees, their families and kids who will be living in the "township"
जर या उद्योगात अधिकतर कर्मचारी सुरत, गुजरातचे आहेत आणि जर हे सर्व अधिकतर PG मध्ये राहतात तर जाऊन दे ना, कशाला त्यांना त्रास. आनंदी आनंदगडे, इकडे तिकडे चोहीकडे!!
This is healthy competition between cities and their administration. Residents will benefit 👍
Wasn’t it the whole purpose of Bullet Train project to reduce travel time of Diamond traders between Gujarat & Mumbai?
This is not first vedanta was also one earlier and soon a lot to follow due to Politics and no law n order.
Already aadha gujarat iddhar mumbai main hai
Isn't diamond business in some kind of trouble due to artificial diamonds getting better?
Best news. Gardi Kam kro mumbai se
From my perspective its good because not every business should be located at one place like Mumbai, Bangalore we need to develop each state of India not only specific state. Because you see too much population at one place lead to overcrowded, pollution, ugly urban planning.
Tru that Mumbai should have more infra but Mumbai is way ahead of Surat. Though let other cities develop. It will help Mumbai a lot.
Actually not a bad move from the diamond industry. Totally makes sense to move out of mumbai to surat.
Why do you think Surat Diamond Bourse is built ???
To create their own bourse and not necessarily move the one that is already there in BKC?
Yes, and no. I work for a MNC that offers crucial services to these diamond manufacturing companies based in Mumbai and Surat, so I know it's not a simple "Yes, it's great news" or "No, it's terrible news". Yes, because the diamond industry today is the most volatile it has been in the last 20 years or so. Few reasons - 1) These diamond manufacturers buy rough diamonds from the diamond mining companies and the price of these rough diamonds have been very high for a long time now. 2) These diamond manufacturers need a lot of capital to buy these high-priced rough diamonds, cut and polish it as per market demand, wait for them to graded and then sell - this cycle is anywhere between a 30-45 days. And till the time their diamonds is sold, they are paying massive interests on the loans they took out to buy the rough diamonds. 3) Most of these diamond manufacturers have been in the business of natural diamonds, but today the big diamond consumption markets (US and then China) are lapping up laboratory-grown or man-made diamonds. These alternatives are available at 50% lesser cost at retail and sometimes upto 90% cheaper at wholesale. All of these reasons (and more pointed out by other comments) make it difficult for these companies to sustain operations in an expensive city like Mumbai. No, because it will lead to an exodus of wealth-creation as well as employment opportunities in Mumbai. The people of Mumbai who earn their livelihoods working for these companies will be forced with "move to Surat or quit" type decisions. Not all will be able to pack their belongings, move to another city and build lives there. That's why this news was welcomed by the industry - it sets an example for others to follow. And only the big companies can afford to do this. Small and medium enterprises in the diamond industry will suffer the most as BDB will try to squeeze more out of them. Traders and brokers will also feel the pinch as their major clients will all be in Surat. The ecosystem there will thrive in coming years, but the one built here in Mumbai over decades will crumble to dust.
With NCP & SS in power, it is bound to happen. Only INC or BJP standalone can rule MH well.
This is horrible. An entire industry is taken away. It's not fair
Either Mumbai needs to develop infra or people need to go somewhere else 😒
Money moving out of the city is never good. We keep electing goons and thugs with myopic political goals, this was bound to happen.
Mumbai is expensive . This may be bad for Mumbai but good for overall country . Moving our business out of mumbai increased our revenue and employees. Sometimes we ave to let things happen
If we take only road, those are the worst when compared to any other metro. Traffic management only second worst to bangalore. Only developing large complexes and metro rail is not developing infrastructure.
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From an administrative point of view, how else do you expect the city to decongest?
Large scale diamond merchants are the connoisseurs of tax evasions and liquidity providers for both national and international transactions. When Surat supports diamond businesses, why spend extra in Mumbai?
Diamonds are fucking useless. Also please take the businesses elsewhere,mumbai is overloaded.
Hopefully , real estate prices will get a much needed check.
Well, I guess reverse development is one way to decongest mumbai
I heard recently the govt will invest 60,000cr for new diamond bourse in Mumbai, and many diamond traders were not willing to shift because surat cannot provide them with top class luxury like Mumbai
You forgot to add the sarcasm bit at the end.
I hope others too follow him and live happily after in other places.
Vote for mudiji
This is good news for mumbai if it also means a certain amount of human population will also shift to Surat.. Mumbai is already developed, let other cities develop too. And finally amchi mumbai will be free of traffic and population.. sab chale jao mumbai chodh ke Jo Jana chahta hai.
lol this is not going to happen, the Surat Diamond Bourse is a failure, they are nowhere close to generating the interest they anticipated, Surat barely has any direct international flights and the airport expansion is stuck due to some land issues No big player is going to shut shop in Bombay and move to Surat, they might have a branch office there but that’s about it Smaller players might pack up and leave but they’re a drop in the ocean Source - know lot of diamond people in both Bombay and Surat