Indian Gem and Jewellery exports are expected to achieve the targeted US$ 75 billion from the current US$ 40 billion annually through the India Jewellery Park here, which has been planned at investment of Rs 14,467.50 crores and is expected to generate 100,000 jobs alongside enhancing manufacturing, investment, export growth and overall economic development of Maharashtra and India, according to Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu.
The Minister, who was speaking here today at the foundation stone laying ceremony of the India Jewellery Park on a 21-acre land in Navi Mumbai, said that the Indian jewellery industry played an important role in the Indian economy by accounting for 7% of GDP, 14% of merchandise exports and providing direct employment to 5 million people. However, in order to enable innovation for this industry to cater to the global market, it is essential to provide a suitable ecosystem such as this Jewellery Park, he said.
“Mumbai is the largest exporter of gems & jewellery, accounting for US$ 28,320.94 million (69% of India’s total exports of gems and jewellery). Maharashtra has the largest diamond bourse in the world – the Bharat Diamond Bourse – and now we have the first-of-its-kind India Jewellery Park, Mumbai which will transform the jewellery industry in the state of Maharashtra and India,” the Maharashtra Chief Minister Devendra Fadnavis said here while also assuring provision of a single-window system at the project site.
Fadnavis said all possible help would be provided for the Gem and Jewellery University and also low-cost housing for artisans under PMAY. The State Government has always supported this labour-intensive sector and will continue to support it, he added.
Pramod Kumar Agrawal, Chairman, GJEPC, said that the India Jewellery Park, Mumbai will provide effective support to jewellery manufacturers/traders who are interested in establishing, expanding or investing in Maharashtra and initiating new business or strengthening existing businesses. “This Park is benchmarked with the best-in-class jewellery parks created in countries like China, Turkey, Italy & Thailand,” he said, adding that this Park will contribute to both Maharashtra and India’s development by attracting investment from across India and abroad.
The Maharashtra Minister for Industries & Mining, Subhash Desai and other dignitaries were also present on the occasion.
The India Jewellery Park — a project of the Gem & Jewellery Export Promotion Council (GJEPC), which has been entrusted the construction of the Park as a Special Purpose Vehicle — 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. Planned at a total project investment of Rs.14,467 crore including land, building and raw materials, this Park is expected to generate an annual turnover of Rs. 41,467.50 crore under current market conditions, a major part of which will be for exports.
The Gem & Jewellery Export Promotion Council (GJEPC), which was set up by the Ministry of Commerce and industry, Government of India in 1966, is the apex body of the gems & jewellery industry and presently represents over 6,800 exporters in the sector with headquarters in Mumbai. The GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry.
