India’s Gem & Jewellery Export Promotion Council (GJEPC) has signed a 95-year lease that will establish the Mumbai Jewellery Park, a 21.3-acre industrial park meant to house more than 1,000 gem and jewelry companies.
The space will also include low-cost residential facilities for local workers and offer skills training. It is expected to provide employment for around 100,000 people.
In a statement, GJEJC vice chairman Vipul Shah said, “Gold loss has been a great concern for our manufacturers and artisans, and the Jewellery Park with state-of-the-art machinery and infrastructure will help to reduce the gold loss ratio from 10% to 3%. The gold dust can be recovered easily by suction and drainage systems. We can aim to become zero-loss manufacturers, which can save up to 40 tons of gold annually.”
The program will attempt to fulfill the United Nations’ 17 sustainable development goals, with improved safety conditions for workers, as well as decongestion of working conditions and better food, hygiene, and habitation facilities.
Top: Industry and local leaders committing to the 95-year lease (photo courtesy of the Gem & Jewellery Export Promotion Council)
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