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GJEPC Inaugurates $2B Jewelry Complex

Mumbai center will employ 100,000 workers when complete.
Mar 11, 2019 11:32 AM   By Rapaport News
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RAPAPORT...
 The Gem & Jewellery Export Promotion Council (GJEPC) has begun building a 21-acre industrial jewelry park it believes will generate nearly $6 billion in annual revenue.

The India Jewellery Park in Mumbai will cost approximately INR 144.67 billion ($2 billion) to construct over the next few years, and will employ about 100,000 workers when completed. The project will enhance manufacturing, investment, export growth and the overall economic development of the Maharashtra region and India as a whole, the GJEPC said last week.

“We want to double our merchandise exports from $500 billion to $1 trillion, and the gem and jewelry business will have a significant role to play in this endeavor,” said Suresh Prabhu, India’s minister of commerce and industry and civil aviation.

The complex will include 2,400 units in varying sizes for different businesses, as well as spaces catering to international representatives. It will also feature on-site housing and a single development office where businesses can receive all their necessary permissions.

There is also the potential to build Mumbai’s first gem and jewelry university in the park, Maharashtra Chief Minister Devendra Fadnavis added.

India has been targeting several foreign countries, including Russia, in an effort to bring outside investment to the project.

Image: The inauguration of the India Jewellery Park in Mumbai. (GJEPC)
Tags: Devendra Fadnavis, Gem & Jewellery Export Promotion Council, GJEPC, India Jewellery Park, Rapaport News, Suresh Prabhu
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