Coworking Space 0 Comments 31st Oct 2020

Why is Coworking the best solution for the Diamond industry?

According to recent reports, "Over 100 small and medium traders have expressed their intention to shift to Surat. Many of them have already moved their operations here due to a major COVID threat situation in Mumbai.

Why is the diamond industry shifting to Surat?

About 70 diamond companies from Mumbai have shifted to Surat during this global pandemic i.e. COVID-19. The Surat diamond bourse will be ready by the year 2022, and till then, most of the Diamond companies will shift to Surat from Mumbai.

This will change the position of the city across the world. Even during this time of financial crisis across the globe, Surat is standing still. The people, especially those in the diamond industry, are progressing even though taking tiny steps every day.

Once the Diamond bourse of Surat is ready, and the Diamond businesses shift totally to Surat, the city will progress by leaps and bounds. This is giving new hopes to the real estate industry in the town, facing various issues as of now.

Currently, 8 out of 10 diamonds are manufactured in Surat  however, Mumbai remains the export center for most of it. Moreover, the corporate offices of most of the Diamond companies are in Mumbai's Bandra Kurla Complex, and small units are set up in Borivali, Malad, Goregaon, Dahisar, etc. and all the operations happen from there. But things are fast-changing, and all of these big Diamond units and offices are being shifted to Surat.

This shift happened about two years later, but migration has already started due to the coronavirus pandemic. It will take two more years for the Surat diamond bourse to get completely ready, and about 70 companies from Mumbai will completely shift to Surat. Some of them have already started drifting to Surat.

Diamond business shifting from Mumbai to Surat would generate more employment opportunities in the city, and it will also open the demand for flats and offices in the city. This will directly benefit the real estate industry. The migration has already started, and people are already looking for houses and offices to work in.

Why is Coworking the best solution for diamond industries?

With the shifting of diamond companies from Mumbai to Surat, the city's real estate industry is ready to cater the needs of the company owners and office staff and workers who will shift to the town.

The situation is such that some Housing projects similar to that in Mumbai have started in the city. Coworking spaces can be one of the best solutions for office requirements located in the city's heart, with all the essential facilities under one roof.

With less maintenance cost, staffing cost, already furnished infrastructure, flexible working space, more networking, and collaboration opportunity, diamond workers can strive in such co working space.

How to take advantage of co-working for your diamond workers?

Coworking not only offers the opportunity to work in an innovative environment, but also there are numerous other benefits of co-working that appeal to professionals in virtually every industry.

Few advantages that may help diamond workers are as follows:-

  • Coworking inevitably leads to skill-sharing

Co-working is the instant introduction to a spectrum of professionals with fascinating skills. While many remote workers share similar skill sets (like marketing or sales know-how), there is bound to be at least one person in every co-working space with genuinely remarkable skill.

Being a diamond worker, people might search for such a skill set.

  • Coworking sparks unexpected accountability

Having a dedicated space where other people are working encourages productivity. Even though surrounded fellow co-working space members aren't real coworkers, their presence will — in a strange, subconscious way — hold other workers accountable to show up for work. Sometimes, knowing other people expect you at the space will propel you to go there, set up shop, and get down to business. Thus, diamond workers will tend to get their clients from the same working space they share every day in the long run.

Diamond Industry: How to reduce financial stress by choosing a co-working space.

As Diamond workers shift their base from Mumbai to Surat, they will require a professional place to work from, but to acquire one of these private offices; they will have to sign a lengthy, expensive contract for such space. This could be problematic, as a small business may not have the ability to predict their outfit's growth.

A leased office could present an unrealistic overhead for them without guaranteed profitability. Thus, Co-working spaces fulfill a necessary gap by offering members shorter-term contracts in beautiful and collaborative areas, thereby helping their image, morale, and flexibility.

Few financial stress that co-working spaces will reduce are:-

Pay for the Office, Not the Facilities

As opposed to renting a leased office, one has to only pay for the space they need in a co-working office. Facilities like toilets, kitchens, meeting rooms, and break rooms are communal, managed facilities.

The co-working office provider takes care of these so that one only has to pay for the desk space that they use. This can provide enormous savings for new and small businesses, who would otherwise have to pay rent on the entire internal area.

Already Outfitted

When renting a co-working office, diamond workers won't have to worry about chairs, desks, drawers, or filing cabinets. Besides, space will be decorated and can be configured on request. When anyone rents a leased office, they need to purchase furniture, as these spaces are typically empty shells.

Outfitting an office out can prove very expensive as building work isn't cheap, so there is a lot of time and effort and costs saved in the process, especially for newcomers from different cities like Mumbai business in Surat.

Outsourced Staffing Costs

Coworking offices typically have employees, like receptionists and administrative staff. This means that one can benefit from an in-house team who can perform any ad-hoc task they need on-site without employing and paying wages for a dedicated person for the role. 

This shall add an element of professionalism to the diamond industry set up that would be difficult to afford otherwise.

With such a trend coming in March, the diamond bourse will add extra chamak to the Surat diamond trade. So, are you ready, Surat?

It's time for Surat Diamond Bourse to attract traders back to their city.