The Gem and Jewellery Export Promotion Council plans to set up ‘India Jewellery Park’ with an investment of ₹14,467 crore at Navi Mumbai on the outskirt of Mumbai.
GJEPC, which conducted the ground-breaking ceremony on Tuesday, will construct the jewellery park through a special purpose vehicle.
Spread over 21 acres, the park is expected to generate an annual turnover of ₹41,467 crore, with the major income coming from exports. It will employ over one lakh workers, enhance manufacturing, investment, export growth and overall economic development of Maharashtra and India. Chief Minister Devendra Fadnavis said Mumbai is the largest exporter of gem and jewellery, accounting for $28.32 billion or 69 per cent of the total export of gems and jewellery from India.
Maharashtra has the largest diamond bourse in the world, Bharat Diamond Bourse, in Mumbai and now the first-of-its-kind India Jewellery Park will come up in Navi Mumbai, he said.
Suresh Prabhu, Union Minister of Commerce and Industry said jewellery industry, which accounts for 7 per cent of GDP and 14 per cent of merchandise exports from the country, plays an important role in the economy.
India Jewellery Park will have manufacturing units, commercial areas, residences for industrial workers and commercial support services. By providing the right support, he said the gem and jewellery exports will achieve the annual target of $75 billion from current level of $40 billion.
Pramod Kumar Agrawal, Chairman, GJEPC said benchmarked with the best-in-class jewellery parks in China, Turkey, Italy and Thailand, the India Jewellery Park will contribute significantly to the economic development by drawing investments from across India and abroad.