News

Advanced Search

Large Mumbai Jewelry Park on the Horizon

Jan 20, 2022 9:12 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Regional authorities in the Mumbai area have agreed to allocate space for a new jewelry park that will house manufacturing facilities and other industry services.

The Maharashtra Industrial Development Corporation (MIDC), a project of the local state government, has signed a deal with India’s Gem & Jewellery Export Promotion Council (GJEPC) granting possession of land for a period of 95 years, the GJEPC said Thursday.

India Jewellery Park Mumbai (IJPM) is set to contain more than 1,000 gem and jewelry units across 21.3 acres in Mahape, Navi Mumbai, a city within the Mumbai metropolitan area, the GJEPC added. It will contain manufacturing, commercial, support and training facilities, as well as low-cost residential accommodation for workers.

The project “will augment the jewelry-manufacturing ecosystem in the state…thereby evolving it into a preferred destination for global manufacturers and investors,” said GJEPC chairman Colin Shah.

The government of Maharashtra state — of which Mumbai is the largest city — set up the MIDC in 1962 to provide land and infrastructure for industrial developments. The corporation will ensure the IJPM gets the benefits and subsidies that other large projects receive, it said.

Image: Members of the GJEPC and the MIDC at the signing ceremony. (GJEPC)
Tags: diamonds, GJEPC, India, jewellery, Jewelry, mumbai, Rapaport News
Similar Articles
Christies heart diamond necklace 140Christie’s to Offer 76ct. Heart-Shaped Diamond
May 17, 2022
A 76.46-carat diamond necklace is expected to fetch up to $6 million at the upcoming Christie’s New York Magnificent Jewels sale.The
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.