New jewellery policy aims to create 5L jobs

The policy envisages incentives, concessions, a power tariff subsidy, cluster redevelopment support, 24x7 operations, mixed use development and additional FSI for gems and jewellery parks among other measures to attract investment in the sector that currently contributes a substantial 7.5% to the state’s Gross Domestic Product

Close up of many differently jewellery background

MUMBAI: With the aim of developing Maharashtra into a leading global hub for gems and jewellery, the state government on Tuesday approved a ₹1,651-crore policy for the gems and jewellery sector, directed at attracting investments of ₹1 lakh crore and generating half a million direct and indirect employment opportunities in the next five years.

The policy envisages incentives, concessions, a power tariff subsidy, cluster redevelopment support, 24x7 operations, mixed use development and additional FSI for gems and jewellery parks among other measures to attract investment in the sector that currently contributes a substantial 7.5% to the state’s Gross Domestic Product (GDP). Other perks include interest subsidies, investment-linked incentives, stamp duty concessions, skill development assistance and a single-window clearance system.

“Our objective is to promote industrial clusters, encourage research and development initiatives and integrate digital trade solutions to position Maharashtra as a global leader in gems and jewellery manufacturing and exports,” said a statement released by the chief minister’s office (CMO).

“Maharashtra accounts for a staggering 47% of the country’s gems and jewellery exports valued at USD 15 billion. Through the policy, we are looking to double the exports to USD 30 billion,” said a senior official from the state industries department. The top export destinations for Maharashtra are the US, UAE, Hong Kong, Belgium and Israel.

Another official said that the gems and jewellery sector was evolving rapidly, creating major opportunities in trade, design, technology, and value-added exports in the state. “The rise of lab-grown diamonds, digital platforms, blockchain traceability and rapid technological change has made it essential to develop infrastructure and skills, and such a policy was essential,” he asserted.

Micro, Small, and Medium Enterprise (MSMEs) dominate the industrial landscape in the state, with over 7,000 MSMEs driving economic growth and employment in the sector. Mumbai stands out as a Centre of Excellence in the gems and jewellery sector. The city is also home to the Bharat Diamond Bourse, the world’s largest diamond trading hub, spanning 20 acres on which over 10,000 units engaged in handmade jewellery manufacturing.

Similarly, modern consumer preferences are catered to by the SEEPZ, an 111-acre facility specialising in machine-made jewellery production.