GJEPC to invest Rs 14,000 crore to set up India Jewellery Park at Navi Mumbai

By

Maverick Martins

Published
Mar 7, 2019

The Gem and Jewellery Export Promotion Council will be investing over Rs 14,000 crore to set up the India Jewellery Park at Navi Mumbai.
 

The foundation stone for the jewellery park was laid by the chief minister of Maharashtra Devendra Fadnavis and Suresh Prabhu, union minister of commerce in the presence of other GJEPC officials.
 
The jewellery park will create around 1 lakh jobs and will generate revenue of around Rs 40,000 crore. The Indian Jewellery Park will be spread across 21 acres of land and will also have a gems and jewellery university.

“This jewellery park is a historic initiative. I have to immensely thank Devendra Fadnavis for allocating us this land in record time. This park will create Rs 40,000 crore turnover and 1 lakh jobs and Rs 14,467 crore will be invested in building this park,” said Pramod Agrawal chairman of GJEPC said in a statement.
 
Suresh Prabhu added, “Over 15 lakh people are currently working in this sector and with this jewellery park there will be a greater contribution to the economy from gems and jewellery.”
 
The Maharashtra minister expects the jewellery sector to be a major contributor to the state’s economy post completion of the jewellery park.
 
 “I expect Maharashtra to be a trillion dollar economy by 2025 and this sector will be a major contributor for the same. The park will have a single-window system for permissions. We will provide whatever support from our end to make this park a reality,” Fadnavis said. 
 
The India Jewellery Park will house a common facility centre, customs, banking services, refining centre, and other facilities, besides community and medical facilities for the workers. It is expected to be ready by 2022.