MUMBAI: The iconic gold market, Zaveri Bazar, which has been targeted by terrorists three times to date, could move out of its current location in southMumbai to the suburbs. In the aftermath of the 13/7 serial blasts, traders and market associations are scouting for around 2-3 sq km plots of land near the domestic airport at Santa Cruz. The aim, they said, is to set up a new gold hub, which will house shops, offices and artisans that are currently operating out of the congested and terror-prone streets of Zaveri Bazar.
Prithviraj Kothari, president of the Bombay Bullion Association (BBA), said: "We don't want to shift the bullion market in isolation. We are looking for a new place where we can also relocate other allied activities that are an integral part of our business. Besides providing space for bullion traders and wholesalers, there should also be room for artisans, retailers, jewellers, banks, dealers in precious stones and also people from other trades that are peripheral to the bullion business."
The BBA is in talks with other members and associations associated with the gold market; this includes the wholesale and retail jewellers' associations, Bengali karigars' association among other players in the industry. "We are still discussing this option. Once we have zeroed in on the land, we will approach the state government," said Kothari.
It's worth noting that the state government had made arrangements to shift diamond traders out of Opera House to the more secure Bandra Kurla Complex (BKC). But many diamond traders have been resisting the move citing that BKC's real estate rates are unaffordable and not profit-friendly. Having observed the problems with shifting the diamond market out of Opera House, gold traders at Zaveri Bazar said they will come up with a plan that is affordable to everyone, including the average trader. "Whatever plan we choose, we will make sure that it is financially viable," said Kanaya Kakad, a member of local traders' association at Zaveri Bazar.
Like their counterparts at Opera House, gold traders at Zaveri Bazar will beefing up their own security network, which is run by BAA and other trade associations. As of now, the security system has 32 CCTV cameras. In a meeting last week, members decided to double the number of cameras and metal detectors at the market's three entry points.
Prithviraj Kothari, president of the Bombay Bullion Association (BBA), said: "We don't want to shift the bullion market in isolation. We are looking for a new place where we can also relocate other allied activities that are an integral part of our business. Besides providing space for bullion traders and wholesalers, there should also be room for artisans, retailers, jewellers, banks, dealers in precious stones and also people from other trades that are peripheral to the bullion business."
The BBA is in talks with other members and associations associated with the gold market; this includes the wholesale and retail jewellers' associations, Bengali karigars' association among other players in the industry. "We are still discussing this option. Once we have zeroed in on the land, we will approach the state government," said Kothari.
It's worth noting that the state government had made arrangements to shift diamond traders out of Opera House to the more secure Bandra Kurla Complex (BKC). But many diamond traders have been resisting the move citing that BKC's real estate rates are unaffordable and not profit-friendly. Having observed the problems with shifting the diamond market out of Opera House, gold traders at Zaveri Bazar said they will come up with a plan that is affordable to everyone, including the average trader. "Whatever plan we choose, we will make sure that it is financially viable," said Kanaya Kakad, a member of local traders' association at Zaveri Bazar.
Like their counterparts at Opera House, gold traders at Zaveri Bazar will beefing up their own security network, which is run by BAA and other trade associations. As of now, the security system has 32 CCTV cameras. In a meeting last week, members decided to double the number of cameras and metal detectors at the market's three entry points.
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