Gem and Jewellery Export Promotion Council (GJEPC) on Friday inked an agreement with Jewellers Association Bengaluru (JAB) to set up a jewellery park in Karnataka to boost jewellery manufacturing and trade in the state. "We are supporting the Jewellers Association Bengaluru in setting up a Jewellery Park in Karnataka. Discussions are underway with the state government regarding the allocation and finalisation of land for the project. The project is expected to generate 1 lakh additional jobs in the sector for the people of Karnataka," GJEPC chairman Vipul Shah said in a statement.
Meanwhile, GJEPC also inaugurated the four-day India International Jewellery Show - IIJS Tritiya, which will end on March 20, a month prior to Akshaya Tritiya, considered auspicious for buying gold jewellery. IIJS Tritiya saw participation from more than 800 exhibitors with over 1,500 stalls. "IIJS Tritiya is poised to act as a catalyst for further advancement of the gem and jewellery industry in Karnataka, benefiting both manufacturers and retailers. We are already witnessing a surge in exports from this state.
"From April 2022 to February 2023, the gem and jewellery exports from Karnataka experienced a remarkable growth of 169 per cent, reaching $150.33 million, as compared to last year," Shah said. Currently, India's overall gem and jewellery exports account for $40 billion and GJEPC aims to reach $75 billion in exports by 2030, he added.