India Bullion and Jewellers Association Ltd. (IBJA) and All India Gem and Jewellery Domestic Council (GJC) To Set Up 'GoldCraft' – An Integrated Gems, Gold and Jewellery Manufacturing Park at Navi Mumbai

NAVI MUMBAI, India, Aug. 18, 2022 /PRNewswire/ — The India Bullion and Jewellers Association Ltd (IBJA) and the All India Gem and Jewellery Domestic Council (GJC) today unveiled their plans to set up Gold Craft, an integrated gems, gold and jewellery manufacturing park at Navi Mumbai, to be developed by Panchshil Realty.

Gold Craft will be India’s leading one-stop destination that will offer a holistic ecosystem for the entire gems and jewellery industry to thrive and achieve its full potential.

Currently, the industry’s growth is constrained on account of a range of ground-level legacy issues and bottlenecks that need to be addressed soon to be able to grow business. Key challenges facing the industry are:

• Poor Working Environment: Severe space constraints mean that many karigars are squeezed into small congested rooms resulting in very poor working conditions. This leads to inefficiencies and higher risks.
• Pollution Risk: Safely dealing with the by-products of the manufacturing process and taking mitigation measures is not always possible in the current operating environment and this can lead to disruption in operations.
• Higher Logistics Costs: Since various allied services are currently spread out across the city, logistics costs go up.
• Security: Individual businesses may not be able to put in place advanced security solutions at optimal cost.
• Accessibility Constraints: High population density and congestion in current market areas like Zaveri Bazaar leads to slower vehicular movement and parking problems.
• Export Related Issues: Currently, getting accreditations and complying with export related procedures and licensing requirements can be a challenge.
• No Benefit of Operating From Industrial District: City-based manufacturers are unable to take advantage of lower operating costs like cheaper power-which is available in a designated industrial district like M.I.D.C.

Against this backdrop, Gold Craft has been conceptualised to address all these issues faced by the industry.

Gold Craft – Key Highlights

Gold Craft is an integrated gems, gold and jewellery manufacturing park which will provide excellent working conditions for all, including a conducive lifestyle for the artisans, workers and professionals of the industry.

Spread across approximately 23 acres, Gold Craft will comprise 5 key elements:

• The Manufactory: This consists of bare-shell manufacturing units with test-fit layouts and service tap-offs.
• Craft Arcade: This consists of retail and wholesale units complemented by cafes and dining options.
• Ancillary Services Floor: Comprises ancillary units providing a range of services like currency exchange, banks, hallmarking services, secure vault facility, labs for testing colour stones and diamonds etc. and such activities that support the manufacturing and retail units in the park.
• Accommodation: Three towers offering safe and convenient housing for karigars.
• Plots: Gold Craft has designated plots for gems, gold and jewellery brands to build large manufacturing units.

Advantages of an Integrated Park:

• Envisaged as an iconic landmark of Navi Mumbai, the park will provide employment opportunities for thousands of workers in a world-class facility and attract foreign investments, leading to the growth of the industry and Maharashtra State too. Gold Craft complies with Maharashtra State’s Gems and Jewellery Park Policy 2018.
• It will be a one-stop-shop for traders and manufacturers in the bullion, gems and jewellery industry.
• Focus on global EHS (Environment, Health and Safety) norms will lead to better working conditions.
• An integrated ecosystem leading to better business opportunities along with modern-day security, allied services and amenities.
• Training and Skill Development Program initiatives to encourage artisans, workers and professionals.

Gold Craft – Strategic Location

• Gold Craft is strategically located in Juinagar at Navi Mumbai, just 500 metres off the arterial Mumbai-Pune-Bangalore Highway.
• Nearby railway stations include Juinagar, Koparkhairane, Ghansoli and Mahape.
• Given it’s prime location and close proximity to Mumbai, there is seamless connectivity with Mumbai City including Bandra Kurla Complex and Zaveri Bazaar.
• Proximity to the upcoming Navi Mumbai International Airport will be a big boon for the industry in terms of exports and allied business activities.
• The Mumbai Trans Harbour Link will bring a whole new level of connectivity to Navi Mumbai.

Sharing his perspective on the unveiling of Gold Craft, Mr. Prithviraj Kothari, President, The India Bullion and Jewellers Association Ltd (IBJA) said, “Currently, the industry faces many challenges in gold manufacturing and Gold Craft will provide a game-changing solution for the entire gems and jewelry industry and will solve most of these problems. Besides providing an optimal working environment and the opportunity to save costs on account of integration, Gold Craft will enable our members to operate their units in compliance with global standards”.

“Gold Craft will be developed by Panchshil Realty, a leading player in the real estate space in India“, added Mr. Kothari.

Sharing his perspective, Mr. Ashish Pethe, Chairman, All India Gem and Jewellery Domestic Council (GJC) said, “This is a historic moment for our industry which has been going through a lot of transformation over the last few years in its journey from a trade to an industry. Besides being very strategically located and connected, Gold Craft will be on par with the best in the world”.

Mr. Somasundaram PR, Managing Director, India at The World Gold Council (WGC) said, “Gold Craft is an absolutely fantastic idea! The world is changing and people want to know when they are buying a product that it has been manufactured in a fair way. Everything that we produce in India should be ESG compliant. This will position India very differently. This focus on the karigar, on ESG and on the way we do business, is actually about transforming the industry in a very material way”. 

Industry Growth and Potential

According to the India Brand Equity Foundation, “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 gems and jewellery sector is likely to employ ~8.23 million persons by 2022, from ~5 million in 2020. India’s gems and jewellery market size was at US$ 78.50 billion in FY21. India’s gems and jewellery exports reached US$ 39.14 billion in 2021-22, a 54.13% rise from the previous year. The Government of India is aiming at US$ 70 billion in jewellery export in the next five years (until 2025), up from US$ 35 billion in 2020″.

(Source: https://www.ibef.org/industry/gems-jewellery-india)

Policy Framework

With a progressive regulatory framework in place and an enabling and supportive policy environment, the gems and jewellery production sector is poised to achieve maximum level of growth and generate even more employment. Just like the IT-SEZ policy laid the groundwork for the growth of the IT sector, the gems and jewellery sector too will get a fillip through the setting up of integrated gems, gold and jewellery manufacturing parks.

About IBJA

IBJA is an apex association of manufacturers, traders, and businessmen from the jewellery and bullion industry. IBJA was established in 1919 to provide a multi-faceted approach to the problems and challenges faced by the bullion traders and gold manufacturers in India. For more information on IBJA, please visit https://www.ibja.co/

About GJC

All India Gem and Jewellery Domestic Council (GJC) is a national trade council established with the objective to address the industry, its functioning, and its cause with a 360° approach to promote and progress its growth. As a self-regulated trade body, GJC, since the last 17 years, has been serving as a bridge between the Government and the trade and industry as well as undertaking various initiatives on behalf of and for the industry. For more information on GJC, please visit https://www.gjc.org.in/

About Panchshil Realty

Established in 2002, Panchshil Realty is one of India’s finest luxury real estate brands. Renowned for leadership and excellence in real estate development, the Group’s approach is focused on planned development, creating value assets, and crafting lifestyle experiences through design and architecture. For more information about Panchshil Realty, please visit www.panchshil.com

Disclaimer

The concerned entities – India Bullion and Jewellers Association (IBJA), All India Gem and Jewellery Domestic Council (GJC) make all reasonable efforts to include accurate and up-to date information in this information booklet. They do not make any warranties or representations, express or implied, as to the timeliness, accuracy or completeness of the information contained or referred to in this. All images are for representation purpose only. Further, it does not constitute any form of offer either from Panchshil Realty, IBJA and GJC.  This is for information and reference only.

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