The Gem and Jewellery Export Promotion Council (GJEPC) has signed an agreement with the Jewellers Association Bengaluru (JAB) to establish a jewellery park in Karnataka, aimed at boosting jewellery manufacturing and trade in the state. According to GJEPC Chairman Vipul Shah, the project is expected to generate around 100,000 additional jobs in the sector for the people of Karnataka, subject to discussions with the state government regarding the allocation and finalisation of land for the project.
In other news, GJEPC has inaugurated the four-day India International Jewellery Show – IIJS Tritiya, which saw more than 800 exhibitors and over 1,500 stalls. The show is expected to benefit both manufacturers and retailers and act as a catalyst for further advancement of the gem and jewellery industry in Karnataka. GJEPC aims to reach $75 billion in exports by 2030, up from the current overall gem and jewellery exports of $40 billion, with Shah noting a remarkable growth of 169% in gem and jewellery exports from Karnataka, reaching $150.33 million from April 2022 to February 2023. The show ended on March 20, a month prior to Akshaya Tritiya, which is considered an auspicious occasion for buying gold jewellery.