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.

Please Rate this article, so that we can improve the quality for you -