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Mumbai to Get New Jewelry Complex

Feb 20, 2018 7:27 AM   By Rapaport News
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RAPAPORT... The Gem & Jewellery Export Promotion Council (GJEPC) is planning to build India’s largest jewelry park over the next few years.

The council signed a memorandum of understanding with the Maharashtra Industrial Development Corporation to build the 25-acre park in Mumbai, the GJEPC said Monday. The complex will feature built-in units ranging from 500 to 10,000 square feet.

“[The] establishment of India Jewellery Park will contribute to the economic development of both Maharashtra and India, by facilitating investment, manufacturing, employment of manpower, trade and exports,” said Pramod Agarwal, GJEPC's chairman.

The developers are aiming to emulate the success of jewelry parks in China, Turkey, Italy and Thailand, which have helped promote the areas they are in, and bring in new business,  Agarwal added.

The jewelry park will generate approximately 100,000 new jobs in Maharashtra, and is expected to attract investment of around $2 billion (INR 130 billion), the council said.
Tags: Gem & Jewellery Export Promotion Council, GJEPC, India, India Jewellery Park, jewelry park, Maharashtra, Maharashtra Industrial Development Corporation, mumbai, Pramod Agarwal, Rapaport News
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