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

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.

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