Maha Gems & Jewellery Policy: ₹1 Lakh Cr Investment

Mumbai, Oct 9 (PTI) Industry bodies have welcomed Maharashtra's new gems and jewellery policy, which targets Rs 1 lakh crore in investments and five lakh jobs, calling it a step towards transforming the state into a global hub for the sector.

The Gem and Jewellery Export Promotion Council (GJEPC) said this step will help Maharashtra transform into a global hub for jewellery manufacturing, exports, and design.

The Maharashtra Cabinet on Tuesday approved a new gems and jewellery policy that is aimed at boosting businesses related to gold and silver jewellery, besides those of diamonds and precious stones.

"This landmark initiative will not only strengthen Maharashtra's position as a leading jewellery manufacturing centre but also bring about a qualitative leap in areas such as skilling, technology upgradation, and value addition. With this policy, we foresee new opportunities for investment, innovation, and job creation, paving the way for Maharashtra to set new global benchmarks in the gems and jewellery sector," GJEPC chairman Kirit Bhansali said in a statement.

All India Gem & Jewellery Domestic Council (GJC) said the policy makes Maharashtra the first state in India to introduce a dedicated policy framework for the sector, which reflects the government's deep understanding of the industry's potential in driving employment, exports, investment, and innovation.

"We deeply appreciate the visionary approach of the Maharashtra government in formulating India's first dedicated State Gem & Jewellery Policy. This policy reflects the government's confidence in our industry's contribution to employment, innovation, and inclusive economic growth. GJC stands united with the government in its mission to empower domestic trade, strengthen infrastructure, and make India a global jewellery powerhouse," GJC chairman Rajesh Rokade said.

According to GJC vice chairman Avinash Gupta, it is a forward-looking initiative that resonates perfectly with India's goal of becoming a USD 5 trillion economy and GJC will work to ensure the successful implementation of this visionary policy.