GJEPC, MIDC sign draft agreement for setting up jewellery park in Mumbai

New Delhi, 20 Jan (KNN) Gem & Jewellery Export Promotion Council (GJEPC) and Maharashtra Industrial Development Corporation (MIDC) on Thursday signed a draft agreement for granting possession of land for a period of 95 years for setting up of the India Jewellery Park Mumbai (IJPM). 

The proposed park will come up in a 21.3-acre plot in Mahape, Navi Mumbai and can attract investments worth Rs 20,000 crore. 

According to GJEPC, the India Jewellery Park Mumbai is the first-of-its-kind integrated gem and jewellery industrial park with manufacturing units, commercial areas, residences for industrial workers, and commercial support services. 

It will provide effective support to jewellery manufacturers/traders who are interested in expanding in the state of Maharashtra to initiate new business or strengthen their existing ventures. 

Previously Piyush Goyal, Union minister of commerce and industry, in a Gem and Jewellery Export Promotion Council (GJEPC) event said there is a proposal from within the central government for setting up jewellery parks in unused Special Economic Zones’ (SEZ) land.

The parks would be for domestic gems and jewellery makers, he said. While many SEZs have accommodated jewellery manufacturing units, there is no specific jewellery park or cluster in any. “The sector will immensely benefit from jewellery.