The Maharashtra Government commitment to the success of the India Jewellery Park project, spearheaded by GJEPC, reflects a pivotal stride towards promoting the gem and jewellery industry in the state. This dedicated support from the State Government is poised to not only bolster the Jewellery Park’s development, but also fortify Maharashtra’s position as a thriving business hub in India’s gem and jewellery landscape.
Maharashtra state’s Hon’ble Minister of Industries Shri Uday Samant during his visit to the Gem & Jewellery Promotion Council (GJEPC) and Bharat Diamond Bourse (BDB) on 1st November announced that the State has taken a decision to allocate additional land adjacent to the India Jewellery Park for accommodating the workers’ residential housing facilities.
India’s first-ever mega Jewellery Park in Mahape, Navi Mumbai, is spread over 21 acres and is expected to create 100,000 new jobs in Maharashtra. The Jewellery Park project initiated by the GJEPC, is poised to attract investments of over ₹40,000 crore (~ $5 billion).
Shri Samant made a host of announcements at the BDB in Bandra Kurla Complex, Mumbai, after becoming the first State Minister for Industries to visit the iconic Bourse in 13 years. “The Govt. of Maharashtra will shortly form a committee to come out with an Industrial Policy for the gem and jewellery industry. Maharashtra Government has allocated additional land for Worker Housing Near India Jewellery Park by GJEPC in Navi Mumbai,” said Shri Samant.
Vipul Shah, Chairman, GJEPC; Kirit Bhansali, Vice Chairman, GJEPC; and Mehul Shah, Vice President, BDB gave the Minister a guided tour of the Bourse.
Shri Samant emphasised that Maharashtra will do whatever it takes to promote the Jewellery Park to give a boost to India’s gems & jewellery industry. He announced that State Cabinet has approved subsidy incentives for Jewellery Park such as an FSI of 5; ₹1 Electricity Subsidy for all units and ₹2 for LGD units in the Park; a waiver of Electricity Duty for all units in the Park; 50% State GST waiver for 5 years to all units in the Park; 5% interest subvention on Term Loans for all MSME units; and Stamp duty waiver to IJPM for the lease. He also stated that he has further taken the decision based on the plea of GJEPC, to facilitate the levelling of the Park land by the Govt.”
Shri Samant said, “Maharashtra is No. 1 in gem & jewellery business and it will continue to become bigger and bigger in the future. The industry is safe and secure due to the cooperation and support of the Maharashtra State government. We shall do whatever it takes to ensure that the diverse trade constituents of the gem & jewellery industry will continue to remain here and flourish.” He added, “We want to spread the benefits of this job generating gem & jewellery industry to other parts of Maharashtra such as Ratnagiri, Sambhajinagar, Kolhapur and Nashik among others. We are preparing a Detailed Project Report (DPR) for the same.”
Vipul Shah, Chairman, GJEPC, said, “Maharashtra plays a significant role when it comes to gem and jewellery exports and we wish to thank the State Government for the additional land allocation and all subsidies and waivers for the Jewellery Park. Out of India’s total gem and jewellery exports of $37.76 billion, Maharashtra contributed 74% in 2022-23. The Jewellery Park Mumbai is poised to be a game-changer, with an anticipated investment of ₹40,000 crore and the creation of over 1 lakh employment opportunities. It will serve as a comprehensive industrial park, encompassing manufacturing units, commercial spaces, worker residences, and essential support services, all within one integrated facility. This initiative underscores Maharashtra’s commitment to the success of the industry.”
Kirt Bhansali, Vice Chairman, GJEPC thanked Hon’ble Chief Minister of Maharashtra Shri Eknath Shinde, Deputy Chief Minister Shri Devendra Fadnavis; Deputy Chief Minister Shri Ajit Pawar and Shri Uday Samant, Minister of Industries for the swift action taken to provide the industry with a range of incentives which will expedite the development of this Jewellery Park. These measures will undoubtedly boost the gem and jewellery industry in Maharashtra to new and unparalleled heights, he said.
Kirit Bhansali remarked, “GJEPC is setting up the India Jewellery Park on a 21-acre land in the heart of Mahape industrial area, allocated by the Govt of Maharashtra with an aim to enhance global competitiveness and contribute towards the development of Maharashtra. India currently is the 5th largest exporter of gold jewellery in the world. I am sure with the establishment of Jewellery Park in Mumbai, it would help us to become the No.1 exporter of gold jewellery in the world”.
Mehul Shah, Vice President, BDB, reiterated that he has no information of any member leaving or migrating from BDB, but they are continuing to stay on and expanding their businesses from the Bourse. He also stated that lab-grown diamond gem and jewellery manufacturing also have increased scope for employment.