WEF Davos 2024: Maha Govt & GJEPC Sign Historic MoU For Developing World's Largest Jewellery Park

WEF Davos 2024: Maha Govt & GJEPC Sign Historic MoU For Developing World's Largest Jewellery Park

The GJEPC and the Maharashtra govt signed a historic Memorandum of Understanding (MoU) at the World Economic Forum, paving the way for this ambitious project worth ₹50,000 crore.

Melvyn ThomasUpdated: Friday, January 19, 2024, 06:10 PM IST
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The GJEPC and the Maharashtra govt signed a historic MoU at the World Economic Forum in Davos | FPJ

While the Surat Diamond Bourse has reigned as the crown jewel of India's gem and jewellery trade, a new contender is set to sparkle on the horizon: the India Jewellery Park in Navi Mumbai.

GJEPC & Maha govt signed a MoU at the World Economic Forum

The Gem & Jewellery Export Promotion Council (GJEPC) and the Maharashtra government signed a historic Memorandum of Understanding (MoU) at the World Economic Forum, paving the way for this ambitious project worth ₹50,000 crore on January 18.

Talking about the MoU with the 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 jewellery 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 ₹50,000 crores and is expected to generate 1 lakh new jobs in the sector."

SDB was inaugurated by PM Modi on Dec 17, 2023

For decades, the Surat Diamond industry has been synonymous with India's diamond trade. The Surat Diamond Bourse (SDB), inaugurated by Prime Minister Narendra Modi on December 17, 2023, was constructed at the cost of ₹3500 crore and boasts over 4,500 diamond offices. The Surat Diamond Bourse is touted as the world’s largest office building, bigger than the Pentagon in the US.

The India Jewellery Park, envisioned as the world's largest jewellery park, promises to be a game-changer. Spanning 21 acres in the heart of the Mahape industrial area, it aims to create a comprehensive hub for the entire jewellery manufacturing ecosystem. From state-of-the-art infrastructure and skilled workforce to an end-to-end ecosystem encompassing refineries, machinery, and logistics, the Park offers a one-stop solution for manufacturers.

Surat Bourse and Jewellery Park play crucial roles in India's gem industry 

The two giants differ in their focus and scale. The Bourse primarily caters to the diamond trade, while the Park aims to encompass the entire jewellery value chain. While the Bourse thrives on its established network and expertise, the Park offers a futuristic vision with advanced infrastructure and integrated services.

Both the Surat Bourse and the Navi Mumbai Jewellery Park play crucial roles in India's gem and jewellery industry. The Bourse's established presence and expertise complement the Park's ambitious vision for the future. The Park's focus on MSMEs and job creation aligns with the Bourse's commitment to supporting the industry's growth.

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