GJEPC signs 95-year lease for possession of land for India Jewellery Park Mumbai

By

Isabelle Crossley

Published
Jan 20, 2022

The Gem and Jewellery Export Promotion Council, which recently launched its India Jewellery Park Mumbai, has signed a 95-year lease on the land and expects the project to bring significant investment to the region. 

The GJEPC signed the draft agreement with the Maharashtra Industrial Development Corporation which granted it the land for setting up the India Jewellery Park Mumbai, the organisation reported on its website. The agreement was signed in the presence of GJEPC chairman Colon Shah, MIDC CEO P Anbalagan, and other executives and dignitaries. 
 
“We are extremely glad that the India Jewellery Park, the first-of-its-kind jewellery manufacturing set-up is based in Maharashtra,” said Anbalagan, the GJEPC reported. “We would be happy to work along with GJEPC, offering them all the support in early completion of this project. We will make sure that India Jewellery Park would get all the incentives that are offered to other such Ultra Mega Projects, such as increased FSI, power tariff subsidy, stamp duty exemption, low-cost housing, etc. I wish GJEPC every success in this endeavour.”

The jewellery park will generate around one lakh employment opportunities in the area and attract investments of over Rs 20,000 crore which will benefit the Indian economy as a whole, according to the GJEPC. The aim of the park is also to enable its unites to become zero-loss manufacturers, according to GJEPC vice-chairman Vipul Shah. This will save manufacturers up to 40 tonnes of gold annually, he said. 
 
“The India Jewellery Park Mumbai, another ambitious project of GJEPC, will get rolling with this land draft agreement with MIDC,” said Colin Shah.

“I would like to thank MIDC for all the assistance so far and request their continued support and guidance in successfully completing this project. The India Jewellery Park in Mumbai will augment the jewellery manufacturing ecosystem in the state, complemented by ease of doing business, thereby evolving it into a preferred destination for global manufacturers and investors.”