The first-of-its-kind India Jewellery Park to come up at Navi Mumbai soon

The first-of-its-kind India Jewellery Park to come up at Navi Mumbai soon

India to achieve gem and jewellery export target of USD 75 billion by 2025: Commerce Minister Shri Suresh Prabhu

Union Minister for Commerce & Industry and Civil Aviation Shri Suresh Prabhu has said that the Indian jewellery industry plays an important role in the economy of the country. It accounts for 7% of GDP and 14% of merchandise exports and provides direct employment to 5 million people. To enable it to innovate and cater to the global market, it is essential to provide a suitable ecosystem. He was speaking at the foundation stone laying ceremony of India Jewellery Park, in Navi Mumbai today.

The Minister expressed confidence that the industry will achieve the export target of USD 75 billion by 2025, up from the current figure of USD 42 billion annually.

India Jewellery Park 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.

“Mumbai is the largest exporter of gem & jewellery, accounting for USD 28,320.94 million (69% of India’s total exports of gems and jewellery). India Jewellery Park, the first-of-its-kind Jewellery Park, will transform the jewellery industry in the state of Maharashtra and India”, said the Chief Minister of Maharashtra, Shri Devendra Fadnavis.

He further said that Jewellery Park will generate additional 1 lakh jobs in the sector. He also assured to provide a single-window system at the project site. He declared all possible help for Gem and Jewellery University and low-cost housing for artisans under PMAY. The State Government has always supported this labour-intensive sector and will continue to support it, said the CM.

India Jewellery Park, Mumbai is a project of Gem & Jewellery Export Promotion Council (GJEPC). GJEPC will be entrusted to construct the Park as a Special Purpose Vehicle. The project is planned with a total project investment of Rs.14,467 crore including land, building and raw materials, which will generate an annual turnover to the tune of Rs. 41,467.50 crore under current market conditions, a major part of which will be for exports. India Jewellery Park is expected to enhance manufacturing, investment, export growth and overall economic development of Maharashtra and India.

Minister for Industries & Mining, Government of Maharashtra, Shri Subhash Desai; Chairman, GJEPC, Shri Pramod Kumar Agrawal and other dignitaries were present on the occasion.

About GJEPC:

The Gem & Jewellery Export Promotion Council (GJEPC) was set up by the Ministry of Commerce and industry, Government of India in 1966. It is the apex body of the gems & jewellery industry. Today, it 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. It thus has a wide reach and is able to have a close interaction with members to serve them in a direct and meaningful manner. Over the past decades, the GJEPC has emerged as one of the most active EPCs, and has continuously strived to expand its reach and depth in its promotional activities as well as widen and increase services to its members.

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