The India Jewellery Park, an initiative that the Gem & Jewellery Export Promotion Council (GJEPC) has been pushing for some years now, finally took off with a foundation stone ceremony for the 21-acre plot at an industrial park in Navi Mumbai, a satellite on the mainland across the harbour from the island metropolis of Mumbai on Tuesday.
Maharashtra State Chief Minister Devendra Fadnavis, along with Indian Minister for Commerce & Industry and Civil Aviation Suresh Prabhu and Maharashtra State Minister for Industries and Mining Subhash Desai did the honours while GJEPC Chairman Pramod Agarwal, Vice Chairman Colin Shah and the GJEPC Committee of Administration were in attendance.
The project, envisaged as having a capital outlay of over $2 billion, is expected to generate 100,000 jobs and enhance manufacturing, investment, export growth and overall economic development of the state of Maharashtra and the country in general.
India₹14,467.50 crore ($2.05 billion) 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.
Chief Minister Fadnavis observed, “Mumbai is the largest exporter of gems and jewellery, accounting for $28.3 billion or 69 percent of the country’s total 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, in Mumbai.”
He added, “The Jewellery Park will transform the gem and jewellery industry in Maharashtra and India and generate an additional 100,000 jobs in the sector. The Maharashtra government has always supported this labour-intensive sector and will continue to extend its support for the successful establishment the jewellery park.”
Commerce Minister Prabhu noted, “The Indian jewellery industry, which accounts for 7 percent of GDP and 14 percent of merchandised exports out of India, 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 for us to facilitate this industry, which comprises mainly micro, small and medium enterprise (MSME) units, with proper environment and infrastructure, technology, so that they can innovate and cater to the different markets in the world.”
He went on to say, “The India Jewellery Park, Mumbai, will be 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 (artisans) and jewellery traders with state-of-the-art facilities, I am sure we will surely achieve the gem and jewellery exports target of $75 billion from the current $40 billion annually.”
GJEPC Chairman Agarwal expressed his thanks to the state and central governments and observed that the new park would be benchmarked with the best of its kind in countries like China, Turkey, Italy and Thailand.