A diamond facility in Surat, India, the world's premier diamond polishing hub.
Photographer: Atul Loke/BloombergEmpty Diamond Trading Hub Mirrors Pain for $80 Billion Industry
Tariffs, wars and the rise of lab-grown stones are upending the market and pushing down prices.
The Surat Diamond Bourse was billed as the future of an industry. Spanning more floor space than the Pentagon, the $350 million complex in western India includes nine sleek towers with sloping facades and enough space to accommodate thousands of traders. It was built to showcase Surat’s dominance in the global trade, where nine out of every ten diamonds are cut and polished before being shipped to markets from Dubai to Manhattan.
The problem is it’s empty.