MIDC signs 95-year lease agreement with GJEPC to set up India Jewellery Park Mumbai

Sweety AdimulamUpdated: Thursday, January 20, 2022, 08:33 AM IST
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MIDC signs 95-year lease agreement with GJEPC to set up India Jewellery Park Mumbai |

The Gems & Jewellery Export Promotion Council (GJEPC) and Maharashtra Industrial Development Corporation (MIDC) has signed an agreement for granting possession of 21 acres of land parcel for a period of 95 years for setting up India Jewellery Park Mumbai (IJPM) at Mahape. With this the much spoken buzz of shifting Mumbai's Zaveri Bazaar to Mahape will take shape.

Colin Shah, Chairman, GJEPC confirmed about the planning of shifting Zaveri Bazaar. He said, “The IJPM, an ambitious project of GJEPC, will get rolling with this land draft agreement with MIDC. IJPM will augment the jewellery manufacturing ecosystem in the state, complemented by the ease of doing business."

Currently, there are nearly 60,000 artisans making gold ornaments in Zaveri Bazaar. The development of IJPM at Mahape will provide better and hygienic facilities, believe people involved in the business. Presently, the daily turnover at Zaveri Bazaar is Rs 200 crore.

The upcoming IJPM will be the first-of-its-kind integrated gems and jewellery industrial park with manufacturing units, commercial areas, residences for industrial workers, and support services. It will provide effective support to jewellery manufacturers and traders to initiate new business or expand their existing ventures.

Kirit Bhansali, Chairman GJEPC, asserted that there are similar projects in countries like China, Turkey, Italy, Thailand, etc. It will provide effective support to jewellery manufacturers/traders who are interested in expanding in the state of Maharashtra.

Ranjeet Dutta, President of West Bengal Karigaar Welfare association, representing the artisans said, "Zaveri Bazaar is one of the oldest jewellery markets of India. If it is shifted to a place which is say about 100 km distance as jewellery shops will stay here so transporting high-value gems and valuable gold items will be risky.”

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