Mumbai to Get New Jewelry Complex

RAPAPORT... The Gem & Jewellery Export Promotion Council (GJEPC) isplanning to build India's largest jewelry park over the next few years. The council signed a memorandum of understanding with the Maharashtra Industrial Development Corporation to build the 25-acre park in Mumbai, the GJEPC said Monday. The complex will featurebuilt-in units ranging from 500 to 10,000 square feet. "[The] establishment of India Jewellery Park will contributeto the economic development of both Maharashtra and India, by facilitatinginvestment, manufacturing, employment of manpower, trade and exports," saidPramod Agarwal, GJEPC's chairman. The developers are aiming to emulatethe success of jewelry parks in China, Turkey, Italy and Thailand, which havehelped promote the areas they are in, and bring in new business,  Agarwal added. The jewelry park will generate approximately 100,000 newjobs in Maharashtra, and is expected to attract investment of around $2 billion(INR 130 billion), the council said.