Mumbai, 1st November 2023: Maharashtra Hon. Minister of Industry Shri Uday Samant during his visit to GJEPC and Bharat Diamond Bourse announced that the State has taken a decision to allocate additional land adjacent to the Park for India Jewellery Park workers' residence. India's first-ever Jewellery Park in MHAPE (Navi Mumbai), spread over 21 acres is expected to create one lakh new jobs.
Shri Samant made a host of announcements at the Bharat Diamond Bourse (BDB), BKC, Mumbai, after becoming the first State Industry Minister to visit the iconic Bourse in 13 years. "We will form a committee to come out with industrial policy for the gem and jewellery industry by Govt. of Maharashtra shortly. Maharashtra Government has allocated additional land for Worker Housing Near India Jewellery Park by GJEPC in Navi Mumbai," said Shri Samant.
Mr. Vipul Shah (Chairman, Gem & Jewellery Export Promotion Council), Mr. Kirit Bhansali (Vice Chairman, GJEPC) and Mr. Mehul Shah (Vice President, BDB) took the Hon. State Minister for a guided tour of the Bourse.
Shri Samant emphasized that Maharashtra will do whatever it takes to promote the Rs. 40,000 crore Jewellery Park project conceptualised by the apex body Gem and Jewellery Export Promotion Council of India (GJEPC) to give a boost to India's gems & jewellery industry. Shri Samant announced that Cabinet has approved subsidy incentives for Jewellery Park such as 5 FSI; One Rupee Electricity Subsidy for all units and 2 rupee for LGD units in the Park; waiver of Electricity Duty for all units in the Park; 50% SGST waiver for 5 years to all units in the Park; 5% interest subvention on Term Loan for all MSME units; and Stamp duty waiver to IJPM for lease. He also stated that he has further taken the decision on plea of GJEPC to facilitate the levelling of land of the Park 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." Shri Samant 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."
Mr. 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 USD 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 Rs. 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.
Kirit Bhansali, Vice Chairman, GJEPC said, "GJEPC is setting up the India Jewellery Park on a 21 acre land in the heart of MHAPE industrial area, allocated by the Govt of Maharashtra with 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 number one exporter of gold jewellery in the world".
Mr. Mehul Shah, Vice President, Bharat Diamond Bourse, reiterated that he has no information of any member of BDB 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.
India is the predominant leader in cut and polished diamonds with 14 out of 15 diamonds manufactured in India. Polished diamond exports account for US 23 billion annually. Bharat Diamond Bourse is one of the leading diamond bourses in the world, and India's leadership position is largely credited to the world class infrastructure at the Bharat Diamond Bourse housed in Mumbai.
About The Gem and Jewellery Export Promotion Council (GJEPC)
The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country's export thrust, when India's post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 9500 members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.
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