The Gem and Jewellery Export Promotion Council (GJEPC) and the Jewellers Association Bengaluru (JAB) signed an agreement on Friday to establish a jewellery park in Karnataka to boost jewellery production and trade in the state.

In a statement, GJEPC chairman Vipul Shah said, “We are assisting the Jewellers Association Bengaluru in the establishment of a Jewellery Park in Karnataka”.

“The state administration is currently in talks about allocating and finalizing land for the project. The project is expected to generate 1 lakh additional jobs in the sector for the people of Karnataka”, he added.

A month before Akshaya Tritiya, which is considered lucky for purchasing gold jewellery, GJEPC also opened the four-day India International Jewellery Show or IIJS Tritiya. More than 800 exhibitors with over 1,500 stalls took part in the IIJS Tritiya.

GJEPC chairman said, “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 seeing an increase in exports from this state”.

“From April 2022 to February 2023, gem and jewellery exports from Karnataka increased by 169 percent, reaching USD 150.33 million, compared to the previous year,” Shah said.

“India currently exports $40 billion worth of gems and jewellery worldwide, and the GJEPC wants to increase that amount to $75 billion by 2030”, he added.

(With input from PTI)

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