The Gem and Jewellery Export Promotion Council (GJEPC) and the Jewellers Association, Jaipur signed a Memorandum of Understanding for creating a Special Purpose Vehicle (SPV) for the establishment of a Gem Bourse in Jaipur.

The MoU was signed by Pramod Kumar Agrawal, GJEPC Chairman and Sanjay Kala, President of the Association during the inauguration of the IIGJJ Students Hostel by the Hon’ble CM of Rajasthan, Shri Ashok Gehlot.

The SPV will be promoted and registered as a Section 8 company under the Companies Act, 2013. Sharing a common vision, the two organisations propose to establish a Gem Bourse, the first of its kind in the world, with state-of-the-art infrastructure. Set up exclusively for Gemstones, it will house all trading activities at one place in a secure environment catering to the needs of domestic as well as international clientele.

It is envisaged that primary facilities at the Bourse will include 2,000 offices of gemstone manufacturers & traders, brokers’ chambers, a trading hall, Special Notified Zone, Customs Clearance Centre, exhibition hall, display shops etc. There will also be a number of ancillary facilities such as banks, insurance company offices, clearing and forwarding agent offices, testing laboratories, a museum, an auditorium, an Export Facilitation Centre, Common Facility Centre, safe deposit vault, lockers etc.

The two organisations will approach the authorities for the allotment at a concessional price, of 50,000 square meters of land with a wide approach road preferably near the airport. They believe that the Gem Bourse will help in increasing exports of coloured gemstones & jewellery from India, thereby benefitting the state of Rajasthan in generating more employment within the sector, contributing to the GDP, per capita income, increased tax collections, and in other ways.

Pic caption: GJEPC Chairman Pramod Kumar Agrawal (on l) and Jaipur Jewellers’ Association President, Sanjay Kala (on r) sign MoU to establish a SPV for the construction of a Gem Bourse in Jaipur