Bhuleshwar bets on redevelopment for revival

Traders say transforming this traditional imitation jewellery market into a modern residential-cum-commercial hub is the only way to stay competitive amid Chinese import challenges

MUMBAI: In dimly lit karkhanas, cramped spaces that double as workshops across the city, it takes 35 pairs of hands to make an earring, 23 to fashion a bangle, and 28 to produce hair accessories. These karkhanas supply all kinds of art jewellery – from flashy hair pins, to colourful bangles, fake pearl necklaces, to earrings and anklets – to Bhuleshwar, Mumbai’s oldest imitation jewellery market. But these traditional crafts are fighting a losing battle – against time and cheap Chinese imports.

Mumbai, India - July 15, 2025:Imitation Jewelery Shop at Zaveri Bazaar in Mumbai, India, on Tuesday, July 15, 2025. (Photo by Anshuman Poyrekar/ Hindustan Times) (Hindustan Times)

Traders and manufacturers say Chinese imports have steadily eroded business in Bhuleshwar, the bustling and vibrant jewellery market situated in the city’s old town, just north of Crawford Market in South Mumbai. The only way to revitalise the trade, and remain competitive, is to redevelop the market, they say.

To this end, 35 landlords and 72 buildings in Bhuleshwar are together proposing the cluster model of redevelopment, to transform the neighbourhood into a world-class commercial-cum residential centre dedicated to imitation jewellery and ancillary trades.

Atul Dhanesha, president of the Imitation Jewellery Dealers and Manufacturers Association (TIJDMA), which represents 2,200 members, says the trade dates to colonial times and is concentrated mainly in Bhuleshwar, Zaveri Bazar and Bhoiwada.

“Zaveri Bazar, once known for fine gold jewellery, is now dominated by imitation jewellery. In Banian Gully, Pydhonie, we have around 600 shops,” says Dhanesha. “However, for a decade at least, the industry has been under threat due to the influx of cheap Chinese imports, often brought in at understated invoice values. These imported goods have seriously undercut local manufacturers.”

Dhanesha says more than 10 lakh workers are involved in handmade processes across urban slums and small-scale factories across Mumbai, making finished products that are sold in Bhuleshwar. “However, since 2022, around 5,400 manufacturing units have shut.”

His own business, which clocked a turnover of ₹18-20 crore in 2021, has plummeted to ₹6 crore, he says. “I used to employ 290 workers; now I can barely retain 60,” said Dhanesha, who owns a 90-year-old building in Bhuleshwar and runs manufacturing units in Vasai and Virar.

According to him, a revision in the import duty structure to benefit local traders did not really help as the damage had already been done. “In metro cities alone, imitation jewellery imports from China are estimated at over ₹25,000 crore annually.”

Bhiwandi, another manufacturing hub, now has only 40 operational factories out of 400. Once, daily wages of ₹1,500 were offered to slum-dwellers for hand-processing. Now, those opportunities have largely disappeared.

Kalpesh Kamdar, a trader based in Bhoiwada, has worked in the imitation jewellery trade since 1984. According to him, business standards, policies, and profit margins have dropped by nearly 65%.

Kamdar shares his predicament with Amar Raheja, a TIJDMA member who operates from Bade Bihari Baug in Bhoiwada. Raheja says his products undergo processes such as plating, stone setting and packaging, all of which require skilled labour. “Factories in Malad and Kandivali, which handled plating, have shut. From 1,000 labourers, 80% are now unemployed. The only way to save this trade is through redevelopment.”

Apart from economic challenges, the jewellery markets in Bhuleshwar face declining footfalls also due to poor infrastructure and unsanitary conditions that discourage customers from coming here. A warren of lanes flanked by old buildings, and dotted with uncleared trash, this once atmospheric neighbourhood is now worn and even crumbling.

“Our market comprises 77 buildings, and we’ve submitted a cluster redevelopment proposal to modernise the infrastructure, build residential spaces for traders, and ultimately attract more customers,” says Dhanesha.

Kamdar agrees. He believes that unless the government intervenes on two fronts – cluster redevelopment and tenancy reform – Bhuleshwar’s revival will remain a distant dream.

Hoping that won’t happen, the Imitation Jewellery Dealers and Manufacturers Association (TIJDMA) has reached out to local MLA Amin Patel to enlist his support. Patel, who is part of large cluster redevelopment projects such as Kamathipura and Bohra Mohalla, said he would support a redevelopment plan for Bhuleshwar as it falls within his constituency. But, he underlined, the numbers don’t add up just yet.

“While 35 landlords and 72 buildings are a part of the initiative, the plan will need the participation of at least 200 buildings for a project like this to succeed,” Patel told HT.