India’s 2nd Mega Common Facility Centre for Gem and Jewellery sector to be set up in Mumbai

Tags: State News

• It will be set up at the Santacruz Electronic Export Processing Zone (SEEPZ) Special Economic Zone (SEZ) in Mumbai.
• It will be the second such facility in India after Surat, in Gujarat.
• The Mega Common Facility will provide training to the workforce in the Gems and Jewellery sector and  will provide cutting-edge technology for manufacturing and other allied processes of the gem and jewellery sector.
• The Indian Gems and Jewellery sector is one of the largest in the world, contributing around 29% to the global jewellery consumption.
• As of February 2021, India’s gold and diamond trade contributed ~7.5% to India’s Gross Domestic Product (GDP) and 14% to India’s total merchandise exports. 
• The Government of India is aiming at US$ 70 billion in jewellery export in the next five years (until 2025),
•  In FY 2020-21, gems & jewellery exports in India stood at US$ 25.30 billion.
• The US is the biggest export destination for Indian Gems and Jewellery.