The Gem & Jewellery Export Promotion Council (GJEPC) signed an agreement with the Maharashtra Industrial Development Corporation (MIDC) to build India’s largest jewellery park in Mumbai.
The memorandum of understanding was signed by GJEPC Chairman Pramod Agarwal and MIDC CEO Sanjay Sethi. The facility, to be named India Jewellery Park Mumbai, is set to be established in Navi, Mumbai.
“The proposed India Jewellery Park will be constructed on 25 acres of land with four million square feet of built-up area, housing more than 5,000 gemstone and jewellery units,” the GJEPC said. “The project will attract an investment of over INR13 billion (around US$200 million) spread over three to five years.”
According to Agarwal, the establishment of India Jewellery Park will contribute to the economic development of both Maharashtra and India through investments, manufacturing, employment, trade and exports.
“This dynamic venture will provide effective support to jewellery manufacturers/traders who are interested in relocating, expanding or investing in the state of Maharashtra and the region to initiate new business or strengthen their existing ventures,” he added.