GJEPC inks 95-year land lease pact with MIDC to set up India Jewellery Park

The Gem and Jewellery Export Promotion Council (GJEPC) on Wednesday said it has signed a draft agreement with the Maharashtra Industrial Development Corporation (MIDC) for granting the possession of land for 95 years to set up the India Jewellery Park Mumbai (IJPM).

"The India Jewellery Park Mumbai, another ambitious project of GJEPC, will get rolling with this land draft agreement with MIDC. I would like to thank MIDC for all the assistance so far and request their continued support and guidance in successfully completing this project," GJEPC Chairman Colin Shah said in a statement.

Shah added that the India Jewellery Park in Mumbai will augment the jewellery manufacturing ecosystem in the state, complemented by the ease of doing business, thereby evolving it into a preferred destination for global manufacturers and investors.

It will contribute to the economic development of Maharashtra and India by attracting investments of over Rs 20,000 crore. It will create employment opportunities for over 1 lakh workers, he added.

The India Jewellery Park Mumbai is an 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 and traders who are interested in expanding in Maharashtra to initiate new business or strengthen their existing ventures.

GJEPC has formed IJPM as a special purpose vehicle (SPV) and its wholly-owned subsidiary Section 8 company known as IJPM in 2018, limited by guarantee as an SPV.

India Jewellery Park Mumbai Chairman Kirit Bhansali said, "The India Jewellery Park in Mumbai is benchmarked against similar projects in countries like China, Turkey, Italy and Thailand, among others. It will provide effective support to jewellery manufacturers and traders who are interested in expanding in Maharashtra to initiate new business or strengthen their existing ventures."

The Jewellery Park is envisaged to house more than 1,000 gems and jewellery units on 21.3-acre land in Mahape, Navi Mumbai.