Maharashtra could lose diamond industry to Gujarat as Surat Bourse triggers Mumbai exodus
• Milind Deora said it would be "unfortunate if Maharashtra lost the diamond industry" to Gujarat following the inauguration of the Surat Diamond Bourse.
• Deora recalled inaugurating Mumbai’s Bharat Diamond Bourse in 2010 when diamond industry was a major employer and tax revenue generator for Maharashtra.
• Diamond merchants are looking to shift base to Surat, including Vallabhbhai Lakhani moving his Rs 17,000-crore business.
• Around 1,000 Mumbai diamond company offices may relocate, hitting Maharashtra's tax revenue.
• PM Modi inaugurated the Surat Diamond Bourse, saying it will provide jobs to 1.5 lakh more people beyond the 8 lakh already employed in Surat's diamond industry.