Maharashtra Unveils Dazzling New Gems & Jewellery Policy: A Glittering Future Awaits!

Maharashtra is poised to become a global leader in the gems and jewellery sector, as the state cabinet has given its resounding approval to a brand-new, progressive policy. This landmark initiative is designed to attract a staggering Rs 1 lakh crore in investment, promising to not only create a robust ecosystem but also generate an impressive 10 lakh jobs within the industry over the next five years.

The policy, a visionary step, aims to cement Maharashtra’s position as a premier destination for jewellery manufacturing, trade, and innovation.

Under the dynamic leadership of Chief Minister Eknath Shinde, the state cabinet ratified the ‘Maharashtra Gems and Jewellery Policy 2024,’ a move that signals a clear intent to capitalize on the sector's immense potential.

The current market valuation of India’s gems and jewellery industry stands at approximately $70 billion, with a projected growth to $100 billion by 2027. Maharashtra, already a significant hub, contributes a substantial 25% to the nation’s total gem and jewellery exports, making this new policy a strategic lever for exponential growth.

The policy outlines several key pillars to achieve its ambitious goals.

Firstly, it focuses on infrastructure development, proposing dedicated 'Gems & Jewellery Parks' complete with state-of-the-art facilities, advanced technology, and streamlined logistics. These parks will serve as comprehensive hubs for manufacturing, design, training, and research, fostering an environment conducive to innovation and excellence.

Furthermore, the policy emphasizes skill development and training, recognizing the critical need for a highly skilled workforce to drive the industry forward. Initiatives will include partnerships with educational institutions and the establishment of specialized training centers.

A significant highlight of the new policy is its commitment to ease of doing business.

It aims to simplify regulatory processes, offer incentives for new investments, and provide a supportive framework for both large-scale enterprises and micro, small, and medium enterprises (MSMEs) within the sector. By creating a more favorable business climate, Maharashtra seeks to attract both domestic and international players, encouraging them to set up or expand their operations within the state.

The focus extends beyond manufacturing to encompass all facets of the value chain, from mining and cutting to polishing, design, and retail.

Beyond economic benefits, the policy also envisions promoting sustainable practices and ethical sourcing within the industry, aligning with global standards.

This holistic approach ensures that Maharashtra’s growth in the gems and jewellery sector is not only significant in scale but also responsible and future-proof. With this bold new policy, Maharashtra is not just looking to polish existing strengths but to truly sparkle on the global stage, creating a legacy of craftsmanship, innovation, and prosperity for decades to come.