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GJEPC Inaugurates $2B Jewelry Complex
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)
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Tags:
Devendra Fadnavis, Gem & Jewellery Export Promotion Council, GJEPC, India Jewellery Park, Rapaport News, Suresh Prabhu
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