GJEPC, Jewellers Association Jaipur form SPV for implementing Jaipur Gem & Jewellery Bourse project
GJEPC) has joined hands with the Jewellers Association Jaipur (JAJ) to form a special purpose vehicle (SPV), Jaipur Gem & Jewellery Board (JGJB) to implement the Jaipur Gem & Jewellery Bourse project.
This global gemstone trading centre is expected to house 1,500-2,000 units — coloured gemstone and jewellery units, labs, banks, insurance, logistics, and security service providers among others. This will augment Jaipur’s status as the largest cutting and polishing centre for gemstones in the world.
Vipul Shah, Chairman, GJEPC, said in a statement, “Jaipur is the gem capital of India and GJEPC has been pursuing the Jaipur Gem & Jewellery Bourse dream project for around a decade now.
A total investment of around Rs. 1200 crore is needed to implement this project.
This step will pave the way for a state-of-the-art trading platform that will attract global attention and fortify Jaipur’s position as a global gem and jewellery hub. And more significantly, the project is anticipated to generate approximately 60,000 direct and indirect employment opportunities, injecting vitality into the local workforce and economy.
This infusion of jobs is expected to yield a positive cascading effect, influencing various sectors and contributing to the broader socio-economic development of the state.”
On 30th August, the Rajasthan Govt. approved the allocation of approximately 44,000 square meters of land in Sitapura at the reserve rate for the establishment and development of the Jaipur Gem and Jewellery Bourse.
GJEPC-JAJ’s SPV will receive the land on a 99-year lease at a rate 3 times the industrial reserve rate (valued at Rs. 70 crore).
This strategic decision is aimed at not only promoting the gem and jewellery sector but also fostering
