India's largest diamond cluster to come up in Navi Mumbai

The country's largest diamond cluster will be set up at Mahape in Navi Mumbai, which will lead to an investment of INR 20,000 crore and provide direct and indirect employment to one lakh people. Industries Minister Uday Samant told reporters in Pune that the Maharashtra government has announced some concessions and incentives for industries to be set up here.

Minister Samant said, under the leadership of Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis, Deputy Chief Minister Ajit Pawar, Maharashtra is still number one in the country in foreign direct investment. India Gems and Jewellery Park is being established in Navi Mumbai by the Gems and Jewellery Export Promotion Council, the apex body of the Central Government in the field of gems and jewellery. About 2 thousand micro, small and medium enterprises will be established in this park. Besides, big renowned companies will also invest here. Minister Samant also said that this is the only such project in the country.

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Incentives by Maharashtra Government for India Gems and Jewellery Park

In the Industry Cabinet Sub-Committee meeting held on March 1, 2019 for this park, the Government of Maharashtra earmarked an area of 86 thousand 53 square metres for the Gems and Jewellery Park by converting vacant land at Mahape into industrial land. But considering that not only space should be made available for such industries but also some incentives and concessions should be given to these industries, the Industry Cabinet Sub-Committee in its meeting held on 28 June 2023 has announced concessions for these industries.

The Cabinet Sub-Committee decided to give concession in stamp duty to the Gems and Jewellery Park. It was decided to provide additional 2 FSI. Apart from this, out of 2 FSI, 1 FSI will be used for laboratory grown diamond industry. The said developed area will be reserved for gems and jewellery as well as other industries related to the lab grown diamond sector.

Stamp duty will be exempted on the first lease agreement for the units to be set up. Park units will be given 50% GST exemption for 5 years. As a special case of developing Lab Grown Diamond Industry as a new sector in the State, power duty concession of INR 2 per unit for 5 years will be given for these components. Electricity duty waiver will be provided for 5 years to micro, small and medium enterprise units.