Ahmedabad, Oct 24 (IANS): Construction work started on Sunday on a Diamond Bourse, or exchange, at Khajod village near Surat -- the hub of the Indian diamond industry -- in the state of Gujarat.

A state government release said the commencement of construction work took place in the presence of Gujarat Chief Minister Vijay Rupani, who said the bourse would become a global centre for international diamond trade within the next three years.

"The project will create employment opportunities for 1.5 lakh people," Rupani said.

The bourse project, spread over 36 acres, is aimed at providing a global platform for buying and selling of diamonds at one location. Traders from India and abroad would be able to buy and sell rough as well as polished diamonds directly at one place, the release said.

It will have over 4,000 state-of-the-art offices of diamond merchants.

With a total construction area of 65 lakh square feet, the diamond exchange will have some of the most modern facilities, such as trading hall, self-deposit vaults, museums, banks, customs office, retail zone, auction house and security control room, among others, it added.