Navi Mumbai to Host India's First Jewellery Park by 2028
India's inaugural jewellery park, set to launch in Navi Mumbai, aims to create 100,000 jobs and attract significant investments.
The jewellery park will be developed on 21.3 acres with an investment of Rs 50,000 crore.
It is projected to generate 100,000 direct and indirect jobs by 2028.
Over 70 companies have shown interest in investing in the park.
Navi Mumbai is set to become the home of India's first jewellery park, which is being developed in Mahape with an estimated investment of Rs 50,000 crore. Chief Minister Devendra Fadnavis announced that the project is expected to create approximately 100,000 direct and indirect jobs upon its phased completion by the end of 2028. This announcement was made during the project's commencement ceremony, which was attended by various jewellery traders and exporters.
The India Jewellery Park will be constructed on a 21.3-acre site in the Maharashtra Industrial Development Corporation (MIDC) area. Fadnavis emphasized that this initiative will not only bolster Maharashtra's economic growth but also enhance the manufacturing sector and attract further investments. The MIDC is playing a crucial role in facilitating the project, from land allotment to securing necessary permissions and providing subsidies to ensure the park's operational status by 2028.
The project is designed to cover a total construction area of approximately 65.61 lakh square feet, with a carpet area of 34.35 lakh square feet. It will consist of ten blocks, including eight dedicated to large and medium manufacturing units, one for small units, and one for commercial offices. Manufacturing units will range in size from 1,000 to 25,000 square feet. The Gem and Jewellery Export Promotion Council (GJEPC) has confirmed that all statutory approvals and bank financing have been secured for the project.
Deputy Chief Minister Eknath Shinde stated that the government aims to promote the park to create up to 500,000 jobs and attract investments totaling Rs 1 lakh crore by the completion of all three phases. The pricing for units in the park starts at Rs 10,400 per square foot, with eligible units set to receive various incentives, including exemptions from stamp duty and electricity duty, as well as a 50% SGST waiver during the eligibility period.
The GJEPC chairman, Kirit Bhansali, mentioned that more than 70 companies have expressed interest in investing in the jewellery park. The initiative is expected to support Micro, Small, and Medium Enterprises (MSMEs), expand manufacturing capacity, promote Indian jewellery brands, and enhance competitiveness in global markets.
