Large Mumbai Jewelry Park on the Horizon

RAPAPORT… Regional authorities in the Mumbai area have agreed to allocate space for a new jewelry park that will house manufacturing facilities and other industry services.

The Maharashtra Industrial Development Corporation (MIDC), a project of the local state government, has signed a deal with India’s Gem & Jewellery Export Promotion Council (GJEPC) granting possession of land for a period of 95 years, the GJEPC said Thursday.

India Jewellery Park Mumbai (IJPM) is set to contain more than 1,000 gem and jewelry units across 21.3 acres in Mahape, Navi Mumbai, a city within the Mumbai metropolitan area, the GJEPC added. It will contain manufacturing, commercial, support and training facilities, as well as low-cost residential accommodation for workers.

The project “will augment the jewelry-manufacturing ecosystem in the state…thereby evolving it into a preferred destination for global manufacturers and investors,” said GJEPC chairman Colin Shah.

The government of Maharashtra state — of which Mumbai is the largest city — set up the MIDC in 1962 to provide land and infrastructure for industrial developments. The corporation will ensure the IJPM gets the benefits and subsidies that other large projects receive, it said.

Image: Members of the GJEPC and the MIDC at the signing ceremony. (GJEPC)