Bharat Diamond Bourse (BDB), which has been created by the Indian Government for almost two years, successfully launched its activities on October 17, 2010, the Finmarket agency reports.

India, the world’s leader in diamond-cutting, is thus trying to challenge the traditional leadership of Belgium and Israel in diamond trade. According to The Financial Times, 90% of the world’s diamonds are cut in India.

A total of U.S. $250 million were invested in the Bharat Diamond Bourse (BDB), which has a total area of hundreds of thousands of square meters. The complex is designed for the activities of traders, banks, customs and representatives of companies.

BDB President Anupa Mehta reported that India’s cut diamond exports totaled U.S. $18 billion last financial year, which ended on March 31. The BDB will allow exports to international markets to be increased. Diamond exports constitute 16% of India’s total exports.

The diamond cutting is of high importance for the Armenian economy. In the first half of this year, Armenia exported a total of 288,000 carats of cut diamonds worth a total of U.S. $50 million. Armenia’s cut diamond exports rank third after copper and ferromolybdenum exports.