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Davos Witnesses Historic Signing of MOU by Maharashtra State & GJEPC for Developing India’s & the World’s Largest Jewelry Park

The MOU signing ushers commencement of work for India Jewellery Pak at Navi Mumbai.

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The MoU was signed by Hon'ble Chief Minister of Maharashtra Shri. Eknath Shinde and GJEPC Chairman Mr. Vipul Shah
The MoU was signed by Hon’ble Chief Minister of Maharashtra Shri. Eknath Shinde and GJEPC Chairman Mr. Vipul Shah

(PRESS RELEASE) DAVOS, SWITZERLAND — The Gem & Jewellery Export Promotion Council (GJEPC) and the Government of Maharashtra marked a significant milestone with the official signing of a Memorandum of Understanding (MoU) during the World Economic Forum 2024. The agreement paves the way for the development of India’s first and largest Jewellery Park in Navi Mumbai.

The MoU was signed by Hon’ble Chief Minister of Maharashtra Shri. Eknath Shinde and GJEPC Chairman Mr. Vipul Shah in the presence of Mr. Uday Samant, Hon’ble Minister of Industries; Dr. Harshdeep Kamble, IAS, Principal Secretary of Industries; Shrikant Shinde, Member of the Lok Sabha; Bhushan Gagrani, Principal Secretary, Urban Development Department, and Shri Vipin Sharma, CEO, MIDC; Kirit Bhansali, Vice Chairman, GJEPC and Sabyasachi Ray, Executive Director, GJEPC.

Hon’ble Chief Minister of Maharashtra, Shri Eknath Shinde, in his remarks on the MoU with GJEPC, expressed, “Maharashtra has consistently been a leader in trade and business, including its prominent role in gem and jewelry exports. The state contributes a significant 72% to India’s overall gem and jewelry exports, showcasing its prominent role in this industry. Jewellery Park in Navi Mumbai is a dream project of Maharashtra set to generate 1 lakh jobs in the sector. This initiative is poised to further elevate the gem and jewelry trade within the state, making significant contributions to the nation’s economy. I assure you that the government will extend support to GJEPC in all possible ways, fostering a thriving environment for this critical sector.”

Vipul Shah, chairman, GJEPC said, “Jewellery Park in Navi Mumbai is a dream project for Maharashtra and India which is in line with our beloved Prime Minister Shri Narendra Modi’s vision of Make in India.”

Talking about the MoU with Maharashtra Govt, Vipul Shah added, “This collaboration is an immense privilege and a source of great pride, representing a shared commitment with the Maharashtra Government to propel the gem and jewelry industry to new heights. This will be a game changer for not only the state of Maharashtra but also the Indian economy as the visionary project comes with a substantial investment of Rs. 50,000 crores and is expected to generate 1 lakh new jobs in the sector.

“It will vitalize the economic system with new skills, new technology, quantum growth in exports, and enhance the country’s GDP. Additionally, it will attract substantial Foreign Direct Investment (FDI) from international jewelry brands, gold refineries, machine manufacturers, logistics support providers, etc. The sunrise sector of lab-grown diamonds has been given special incentives for setting up units in the park, which will enhance India’s dominance internationally.”

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Expressing GJEPC commitment to complete the work of Jewellery park in 36 months within the start of the project, Vipul Shah extended gratitude to Hon’ble Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for invaluable support, acknowledging the facilitation of necessary permissions, registrations, approvals, clearances, and fiscal incentives from relevant state departments. This collaboration aligns with existing policies, rules, and regulations, underscoring the shared commitment to the success of the project.

Kirit Bhansali, vice chairman of GJEPC, expressed gratitude, stating, “Embarking on a colossal project like Jewellery Park would have been impossible without the steadfast support of Maharashtra Government. I extend my sincere thanks to both Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for their assurance and support in initiating this project. I am confident that their continued support will guide us to the successful completion of the project.”

In the heart of the Mahape industrial area, the Government of Maharashtra has allocated a 21-acre land to GJEPC. India Jewellery Park is envisioned to be a comprehensive hub, offering state-of-the-art infrastructure and ancillary facilities, along with a skilled workforce, to manufacturers in the gems and jewelry industry. The park aims to establish an end-to-end jewelry manufacturing ecosystem by providing integrated services under one roof, including security, logistics, refineries, machinery, and more. The facilities encompass various essential components such as a Customs office, effluent treatment plant, compound wall, centralized vaulting system, water supply, workshops, and allied utilities. One of the key objectives is to support Micro, Small, and Medium Enterprises (MSMEs), fostering the creation of additional job opportunities within the employment-intensive gems and jewelry sector. Through these initiatives, India Jewellery Park aims to catalyze growth, efficiency, and innovation in the country’s vibrant jewelry industry.

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