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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.

Dr. P. Anbalagan, CEO, MIDC said, “We will make sure that India Jewellery Park would get all the incentives that are offered to other such ultra mega projects, such as increased FSI (Floor Space Index), power tariff subsidy, stamp duty exemption, low-cost housing."

Colin Shah, Chairman, GJEPC said, “The India Jewellery Park Mumbai will contribute to economic development of the state of Maharashtra by attracting investments of over Rs 20,000 crore and create employment opportunities for over 1 lakh workers.” The jewellery park is envisaged to house more than 1,000 gems and jewellery units.

Commenting on the facilities that will be offered at IJPM, Vipul Shah, Vice Chairman, GJEPC, said, “Gold loss has been a great concern for our manufacturers and artisans and the India Jewellery Park with state-of-the-art machinery and infrastructure would help to reduce the gold loss ratio from 10% to 3%. The gold dust can be recovered easily by suction and drainage systems. We can aim to become zero-loss manufacturers, which can save up to 40 tonnes of gold annually.”

Kirit Bhansali, chairman, IJPM said, “The jewellery park is benchmarked against similar projects in countries like China, Turkey, Italy, Thailand."