GJEPC signs MoU with MIDC for India’s largest jewellery park in Mumbai

The Gem & Jewellery Export Promotion Council (GJEPC) has signed a Memorandum of Association (MoU) with Maharashtra Industrial Development Corporation (MIDC) to establish India’s largest jewellery park, to be christened as “India Jewellery Park Mumbai”, to be established in Navi Mumbai.

A MoU to this effect was signed between GJEPC and MIDC today at the ongoing Convergence, ‘Magnetic Maharashtra’ by GJEPC chairman Pramod Agarwal and MIDC chief executive officer Sanjay Sethi in the presence of Union minister Suresh Prabhu and Maharashtra CM Devendra Fadnavis.

The proposed park will come up on a 25-acre land with 4 million square feet of built-in area, housing more than 5000 gem and jewellery units ranging from 500 to 10,000 sq. feet. The project will attract an investment of over Rs. 13000 crores spread across 3-5 years. A non-profit company, India Jewellery Park has already been constituted as the special purpose vehicle (SPV) to develop the park.

“GJEPC is committed and aligned to our Prime Minister, Shri. Narendra Modi’s vision of ‘Skill India’ & ‘Make in India’. The establishment of India Jewellery Park will contribute to the economic development of both Maharashtra and India by facilitating investment, manufacturing, employment, trade and exports. This venture will provide effective support to jewellery manufacturers/traders who are interested to relocate, expand or invest in the state of Maharashtra and the region to initiate new business or strengthen their existing business, benchmarking with jewellery parks created in China, Turkey, Italy, Thailand, etc.,” said the GJEPC chairman.

“The project is estimated to generate direct employment of around 1,00,000 workers for Maharashtra. I am grateful to Government of India and Ministry of Commerce & Industry in particular for extending their valuable support for the growth and development of the gem and jewellery industry. GJEPC remains committed to continue its aggressive efforts to maintain India’s leadership position in gems and jewellery industry globally and also be part of India’s growth story by increasing exports,” added Mr. Agarwal

The Jewellery Park in Mumbai will follow the 17 sustainable development goals promulgated by the United Nations which include healthy, safe and de-congested working conditions, better food, hygiene and inhabitant facilities in addition to consolidated and latest infrastructure facilities wherein SME workers will be ensured with single window permission for manufacture and sale of jewellery. GJEPC has also demanded that the state government should give single window clearance by granting 21 odd permissions required for setting up units in the park and give all concessions available for greenfield investment in the state.

Courtesy: The Retail Jeweller News Service