Mumbais Gems and Jewellery Industry: A Driving Force Behind Maharashtras Trillion-Dollar Economy Goal

Mumbai, January 5: Maharashtra's deputy chief minister, Devendra Fadnavis, expressed optimism that the thriving gems and jewellery industry will propel the state towards its goal of becoming a USD 1 trillion economy by 2030. Mumbai, the heart of the industry, accounts for an impressive 72% of the annual exports worth USD 37 billion. With the Prime Minister setting an ambitious target of USD 75 billion for gem and jewellery exports by 2030, Fadnavis highlighted the crucial role of the Gem and Jewellery Export Promotion Council (GJEPC) in facilitating exports and establishing India as a prominent global player.

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Government Support for Industry Growth

Fadnavis emphasized the state government's commitment to providing the industry with hassle-free shipment, streamlined paperwork, and an overall conducive business environment. He announced the upcoming India Gems and Jewellery Park, a collaborative effort between the state government and the industry, which aims to create a transformative ecosystem and support the achievement of export targets.

Jewellery Park to Attract Foreign Investments

Vipul Shah, chairman of GJEPC, lauded the establishment of the Jewellery Park in Navi Mumbai with the support of the Maharashtra government. He emphasized the park's potential to attract foreign investments due to its numerous advantages, including single-window clearance for government approvals under the Maitri Policy, resulting in smoother and faster processes. Additionally, the state government has provided relief in power tariffs and electricity charges, among other benefits.

IIJS Signature 2024: A Global Gathering

The 16th edition of GJEPC's IIJS Signature 2024, which commenced on Thursday, is expected to attract over 32,000 visitors, including international buyers from 800 Indian cities and 60 countries. The event features over 1,500 exhibitors occupying 3,000 stalls, showcasing the latest trends and innovations in the gems and jewellery industry.

Maharashtra's thriving gems and jewellery industry, supported by government initiatives and industry collaborations, is poised to drive the state's economic growth and contribute significantly to India's position as a global leader in the sector.