Navi Mumbai to get India's first gems, jewellery park
What's the story
Maharashtra government is reportedly planning to set up India's first gems and jewelry park in Navi Mumbai.
As per reports, the government has already signed a memorandum of understanding (MoU) with the Gems and Jewellery Export Promotion Council (GJEPC) on Monday at the ongoing Magnetic Maharashtra Summit.
The park will be of 25-acres and will be built at a cost of Rs. 13,500 crore.
Jewelry hub
It will be like another Zaveri Bazaar under one roof
Through the park, the government will try to bring all the glitz and gold of Mumbai's biggest jewelry market Zaveri Bazaar under one roof.
Former GJEPC chairman Praveenshankar Pandya said, "This will be India's first gems and jewelry park, which will be developed on the lines of the Shenzhen model in China. This will bring order to the highly scattered sector and boost exports."
The park
Park likely to be built in Ghansoli
The park is likely to be built in Ghansoli, housing nearly 4,500 units and will provide employment to at least 90,000-1 lakh people.
As per the plan, the government will also provide housing to craftsmen on the premises.
At present, Mumbai has two major gems and jewelry hubs- Zaveri Bazaar market at Bhuleshwar in South Mumbai, and a diamond bourse in Bandra Kurla Complex.
The exports
The government's aim is to increase gems and jewelry exports
The memorandum was signed in the presence of the Union commerce and industry minister, Suresh Prabhu. Speaking at the Summit, Prabhu said that the focus is to increase exports in the next decade.
As per reports, the government's aim is to increase gems and jewelry exports from the current Rs 2.8 lakh crore a year to Rs. 4 lakh crore by 2022.