GJEPC to set up jewellery parks in Mumbai and Delhi

The Gem and Jewellery Export Promotion Council (GJEPC), under the Government of India's Ministry of Commerce, is planning to set up India's largest jewellery park in Mumbai, besides another jewellery park in Delhi and a gems bourse centre at Jaipur.

"The Mumbai jewellery park project will come up soon and is estimated to generate direct employment to around 1,00,000 workers for the State of Maharashtra," said Pramod Agrawal, Chairman, GJEPC.

In the recently concluded 'Magnetic Maharashtra' investment summit in Mumbai, the state government and GJEPC had signed a memorandum of understanding (MoU) to set up the park in Maharashtra. According to the sources, the proposed park will come up on a 25-acre area housing nearly 4500 units at Ghansoli in Navi Mumbai. The overall investment at the park will be to the tune of Rs 13,500 crore.

The Jewellery Park at Mumbai with all modern facilities would help the local handmade jewellery workers and factories in local Zaveri Bazaars and other clusters in the state to relocate to such modern parks. It will help in improving the living standards of not only the existing Karigars but also develop interest among the next generation of such workers who are currently reluctant to join the industry due to pitiful working condition and the atmosphere in which the workers currently operate. The Indian industry today stands at over $41 billion in revenues and employs over five million workforce. With changing lifestyles and improvement in living standards, the gems and jewellery sector is likely to grow at a rapid pace and hence GJEPC intends to add three million more workforce by the year 2022, said Pramod Agarwal.

GJEPC also has plans to set up Common Facility Centers (CFCs) in 13 identified clusters of the gem and jewellery in India with the support of the Ministry of Commerce and Industry.  The CFCs will increase productivity and quality of small and medium players and Karigars who are the backbone of the industry, but could not afford to buy high tech machines for manufacturing of jewellery, said Colin Shah, Vice Chairman, GJEPC.

Announcing the trade data for FY 20017-18, the officials said the Indian Gem and Jewellery industry has witnessed a decline of 5.06 per cent as total gem & jewellery exports were worth Rs. 264130.64 crores as compared to Rs. 289207.47 crore in the same period last year. Major export destinations were Hong Kong with 33 per cent, followed by UAE with 25 per cent and the USA with 23 per cent. The imports of rough diamonds grew by 10.59 in FY18 worth $18889.01 million as compared to $17080.23 million in FY17. Import of cut and polished diamonds decreased by 15.08 per cent to $2236.46 million in FY18. Net imports of Gems & Jewellery were up by 9.69 per cent at $31516.7 million in FY18.

However, India's gold jewellery exports registered a growth of nearly 11 per cent at $9673.23 million in FY18 as against $8,721.88 million in FY17. Cut and Polished Diamonds (CPD) segment witnessed an increase of 4.17 per cent growth as export sales of CPD grew to $23732.96 million during FY 2017-18 from $22,783.85 million in the corresponding previous year period. Coloured Gemstones grew by 3.14 per cent to $433.31 million as compared to $420.11 million in FY 2016-17. Exports of silver jewellery decreased to $3385.65 million (down 15.80 per cent) in FY18.

Over the last ten years, the gems and jewellery exports from India have doubled to $41 billion in FY18 as against $21 billion in FY08