Tuesday, 5 March 2019

CM inaugurates India’s first Jewellery Park


5/3/2019

PUNE (MUMBAI): Chief minister Devendra Fadanvis today inaugurated India’s first ever jewellery park here in Mumbai. India Jewellery Park is a project of the Gem & Jewellery Export Promotion Council (GJEPC) and is initiated by the Government to take India’s jewellery manufacturing and trade to a new level.

Suresh Prabhu, Union Minister of Commerce & Industry and Civil Aviation and Subhash Desai, Minister of Industries and Mining, Pramod Kumar Agrawal, Chairman, GJEPC, Colin Shah, Vice Chairman, GJEPC were present on the occasion which took place at Navi Mumbai. The 21-acre land identified for the project is at Plot No. OS-12 EL, MIDC – TTC, Electronic Zone, Behind Nelco, Mahape, Electronic Zone, MIDC Industrial Area, Navi Mumbai.

GJEPC will be entrusted to construct the Park as a special purpose vehicle (SPV). The project is planned with a total project investment of Rs. 14,467 crores by way of land, building and raw materials, which will generate an annual turnover to the tune of Rs. 41,467.50 crores under the current market conditions - a major part of which will be for exports.

India Jewellery Park is estimated generate employment of 100,000 (1lakh) workers, enhance manufacturing, investment, export growth and overall economic development of Maharashtra & India. Chief Minister Devendra Fadnavis said, “Mumbai is the largest exporter of gem & Jewellery accounting for USD 28,320.94 million, (69 % of the total Indian exports of gems and jewellery). Maharashtra has the largest diamond bourse in the world Bharat Diamond Bourse in Mumbai and now I am happy that we will have the first-of-its-kind India Jewellery Park, Mumbai. The Maharashtra government has always supported this labour intensive gem & jewellery sector and will continue to support for the successful establishment of India Jewellery Park, Mumbai.”

Suresh Prabhu, Union Minister of Commerce and Industry & Civil Aviation, said, “Indian jewellery industry accounting for 7% GDP and 14% of merchandise exports out of the country, plays an important role in the economy of the country. It has more than 5 million skilled people working in the sector as of now. To meet the ever-increasing demand of our robust domestic market and international market, it is crucial that we facilitate this industry, which comprises majorly MSME units, with proper environment and infrastructure, technology so that they can innovate and cater to the different markets in the world. India Jewellery Park, Mumbai is an integrated industrial park with all facilities under one roof. The Park will have manufacturing units, commercial areas, residences for industrial workers, and commercial support services. By providing our karigars and jewellery traders with state-of-the-art facilities, I am sure we will surely achieve the gem and jewellery exports target of USD 75 billion from the current USD 40 billion annually.”

Pramod Kumar Agrawal, Chairman, GJEPC, said, “The gem & jewellery industry is thankful to the government of Maharashtra for all the support extended to set up India Jewellery Park. India Jewellery Park will provide effective support to jewellery manufacturers/traders who are interested to establish, expand or invest in the state of Maharashtra and initiate new business or strengthen their existing business. It is benchmarked with the best-in-class Jewellery Parks created in countries such as China, Turkey, Italy & Thailand. India Jewellery Park will contribute to the economic development of both Maharashtra and India by drawing in investment from across India and abroad.”

India’s gem & jewellery exports account for a staggering USD 40 billion and the industry contributes 14% to India's total merchandise exports. The industry employs 5 million (50 lakh) workforce across the sector currently.

Salient Features of India Jewellery Park

India Jewellery Park, Mumbai is spread across 21 acres of land, housing about 5000 units
Planned construction area of 3.4 million sq.ft.
World Class working conditions for Workers & Artisans
Provide employment to one lakh  people
Design Centres, Common Facility Centres, Training Facilities, Technology upgradation centre
100% Secure Environment
Investment of Rs.14,467 crores by way of land building and raw materials.
Expected to generate an annual turnover to the tune of Rs.41,467.50 crores under the current market conditions, a major part of which will be for exports
Single window clearance for all government rules & regulation for the projects & units
Proximity to both Airport & Market (Zaveri Bazar)
Reduce gold loss ratio from 10% to less than 3%, saving 40 tonnes of gold annually
Increase in quality & productivity of jewellery
Making Indian jewellery industry competitive in the world market

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