India’s first jewellery park in Navi Mumbai to be operational by 2028, will generate 1 lakh jobs, says Maharashtra CM

Navi Mumbai: India’s first jewellery park, being developed at Mahape in Navi Mumbai with an estimated investment potential of Rs 50,000 crore, is expected to create one lakh direct and indirect jobs after phased completion by the end of 2028, chief minister

Devendra Fadnavis said on Sunday.

Addressing the project commencement ceremony attended by jewellery traders and exporters, Fadnavis said India Jewellery Park was being developed by Gem and Jewellery Export Promotion Council (GJEPC) on 21.3 acres in Navi Mumbai MIDC.

He said the project would boost Maharashtra’s economic growth, strengthen manufacturing and attract investment. Maharashtra Industrial Development Corporation (MIDC) was fully involved, from land allotment to securing permissions and providing subsidies, to make the pilot project operational by the end of 2028, he added.

Fadnavis said the gems and jewellery sector contributed 7% of India’s GDP and the project would help Maharashtra retain its 50% share of the country’s jewellery exports. He added that Maharashtra Police was capable of ensuring the industry’s safety and security.

The project will have a total construction area of about 65.61 lakh sq ft and a carpet area of 34.35 lakh sq ft. It will comprise 10 blocks, including eight for large and medium manufacturing units, one for small units and one for commercial offices.

Manufacturing units will have floor plates ranging from 1,000 sq ft to 25,000 sq ft. All statutory approvals and bank financing have been secured, according to GJEPC.

Deputy chief minister

Eknath Shinde said the govt will promote this park to create five lakh jobs and Rs 1 lakh crore investment by completion of all three phases.

Prices start at Rs 10,400 per sq ft. Eligible units will receive incentives, including exemptions from stamp duty, MIDC transfer fees and electricity duty, a 50% SGST waiver for the specified eligibility period and interest subsidies on term loans for MSMEs. Eligible lab-grown diamond units may receive electricity tariff support, subject to applicable conditions.

More than 70 companies have expressed interest in investing in the park, said GJEPC chairman Kirit Bhansali, adding that the park would support Micro, Small and Medium Enterprises, expand manufacturing capacity, promote Indian jewellery brands and improve competitiveness in global markets.