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Basically correct. The i in dipta is etymologically long, but since in Bengali, all vowels are pronounced short, neither dipta (i as in hit) nor deepta (ee as in deep) can be considered incorrect. Similarly, svarna and swarna are both used.
svarna, probably a contraction of the ancient word suvarna, literally good colour, is an word attested from around the beginning of the common era. The word derives from the prefix su (good) and the root varN (to paint, literally or to describe, figuratively). dIpta of course comes from the root for light (day sky as opposed to the dark night), and means illuminated.
In Bengali, the svarna is pronounced sharno and dIpta is pronounced dipto.
However, as a compound, I would have construed Svarnadeepta as illuminated by gold or by golden light rather than obtaining the meaning golden brilliance. Since this is a modern coinage in a language in which such compound formation is not a living production, and is used only as a name, it is difficult to define what is `correct'. But since I am a Bengali, the meaning that pops up in my mind when I hear that name may be the meaning other Bengalis will also think of.
Of course, the name can be from the Hindi belt (again a language I speak), in which case the pronounciation would be different, but the meaning would stay the same.