India Jewellery Park, Mumbai estimated to generate 1 lakh jobs
Total project investment of Rs. 14,467 cr; to generate annual turnover of Rs. 41,467 cr
Mumbai, 05 March 2019: India Jewellery Park, Mumbai, a mega initiative by the Government to take India’s jewellery manufacturing and trade to a new level, was inaugurated with the foundation stone laying ceremony by Shri Devendra Fadnavis (Hon. Chief Minister of Maharashtra); Shri Suresh Prabhu (Hon. Union Minister of Commerce & Industry and Civil Aviation, Govt. of India); Shri Subhash Desai (Hon. Minister of Industries and Mining, Govt. of Maharashtra) in the presence of Shri Pramod Kumar Agrawal (Chairman, GJEPC), Shri Colin Shah, Vice Chairman, GJEPC along with the Committee of Administration of GJEPC at Navi Mumbai.
The 21-acre land identified for the project is at Plot No. OS-12 EL, MIDC – TTC, Electronic Zone, Behind Nelco, Mahape, Electronic Zone, MIDC Industrial Area, Navi Mumbai, Maharashtra, 400710.
India Jewellery Park, Mumbai, is a project of the Gem & Jewellery Export Promotion Council (GJEPC). GJEPC will be entrusted to construct the Park as a special purpose vehicle (SPV). The project is planned with a total project investment of Rs. 14,467 crores by way of land, building and raw materials, which will generate an annual turnover to the tune of Rs. 41,467.50 crores under the current market conditions – a major part of which will be for exports. India Jewellery Park is estimated generate employment of 100,000 (1lakh) workers, enhance manufacturing, investment, export growth and overall economic development of Maharashtra & India.
Hon’ble Chief Minister of Maharashtra Shri Devendra Fadnavis said, “Mumbai is the largest exporter of gem & Jewellery accounting for USD 28,320.94 million, (69 % of the total Indian exports of gems and jewellery). Maharashtra has the largest diamond bourse in the world Bharat Diamond Bourse in Mumbai and now I am happy that we will have the first-of-its-kind India Jewellery Park, Mumbai. The Jewellery Park will transform the gem & jewellery industry in Maharashtra and India and generate additional 1 lakh jobs in the sector. The Maharashtra Govt. has always supported this labour intensive gem & jewellery sector and will continue to support for the successful establishment of India Jewellery Park, Mumbai.”
Shri Suresh Prabhu, Hon’ble Union Minister of Commerce and Industry & Civil Aviation, Govt. of India, said, “Indian jewellery industry accounting for 7% GDP and 14% of merchandise exports out of the country, plays an important role in the economy of the country. It has more than 5 million skilled people working in the sector as of now. To meet the ever-increasing demand of our robust domestic market and international market, it is crucial that we facilitate this industry, which comprises majorly MSME units, with proper environment and infrastructure, technology so that they can innovate and cater to the different markets in the world. India Jewellery Park, Mumbai is an integrated industrial park with all facilities under one roof. The Park will have manufacturing units, commercial areas, residences for industrial workers, and commercial support services. By providing our karigars and jewellery traders with state-of-the-art facilities, I am sure we will surely achieve the gem and jewellery exports target of USD 75 billion from the current USD 40 billion annually.”
Shri Pramod Kumar Agrawal, Chairman, GJEPC, said, “The gem & jewellery industry is thankful to the Govt. of Maharashtra under the leadership of Hon’ble Chief Minister Shri Devendra Fadnavis and the Hon’ble Union Minister Commerce & Industry and Civil Aviation Shri Suresh Prabhu for all the support extended to set up India Jewellery Park, Mumbai. India Jewellery Park, Mumbai will provide effective support to jewellery manufacturers/traders who are interested to establish, expand or invest in the state of Maharashtra and initiate new business or strengthen their existing business. It is benchmarked with the best-in-class Jewellery Parks created in countries such as China, Turkey, Italy & Thailand. India Jewellery Park, Mumbai will contribute to the economic development of both Maharashtra and India by drawing in investment from across India and abroad.”
India’s gem & jewellery exports account for a staggering USD 40 billion and the industry contributes 14% to India’s total merchandise exports. The industry employs 5 million (50 lakh) workforce across the sector currently.