Maharashtra govt announces stamp duty waiver for India Jewellery Park in Navi Mumbai

The waiver applies to all eligible units within the park, incentivising new initial investments  

Navi Mumbai: The Maharashtra government has officially announced a stamp duty waiver for the first lease of land and subsequent sub-leases related to the upcoming India Jewellery Park in Mahape, Navi Mumbai. This initiative is part of a broader project led by the Gem and Jewellery Export Promotion Council (GJEPC). 

GJEPC chairman Vipul Shah expressed gratitude for the government’s support, stating, “We are immensely grateful to the Government of Maharashtra for their support in waiving stamp duty for the India Jewellery Park. This significant initiative marks a major milestone in the development of the gem and jewellery industry. By easing the financial burden on businesses, the stamp duty waiver will not only encourage investments but also accelerate the growth of this sector.” 

The decision, published in the Maharashtra Government Gazette, aims to stimulate investment in the state’s jewellery industry. The waiver applies to all eligible units within the India Jewellery Park, with the GJEPC optimistic that it will attract new investments. 

Shah further emphasised the transformative potential of the India Jewellery Park, saying, “It will create a state-of-the-art hub for innovation, production, and trade, significantly boosting exports, creating jobs, and attracting global attention to India’s craftsmanship. With this support from the government, the park will play a pivotal role in achieving our goal of making India a world leader in the gem and jewellery industry.” 
 
Earlier this year, Maharashtra chief minister Eknath Shinde approved the development of the India Gems and Jewellery Park (IJPM) in Navi Mumbai, a project expected to bring an investment of Rs. 20,000 crore ($2.8 billion) and create direct and indirect employment opportunities for 100,000 people. 
 
The state government has earmarked a 21.3-acre land parcel in the Mahape Industrial Area for developing India’s first-of-its-kind gems and jewellery park. This state-of-the-art ecosystem is designed to address prevalent issues in the existing environment of the labour-intensive jewellery industry. 
 
Retail Jeweller India News