A special economic zone dedicated to the gems and jewellery industry is expected to come up on the north-western outskirts of the Capital, some 12km from the international airport.
Gems and jewellery are among India’s top five export commodities. Last year, they contributed 20%, or Rs73,304 crore, of total export value.
The Delhi State Industrial & Infrastructure Development Corp. Ltd (DSIIDC), which is responsible for setting up industrial estates, has identified 136 acres of land at Baprola, along the Nangloi-Najafgarh highway, for development, a month ahead of the Delhi government’s formal announcement of the special economic zone policy.
This is the second free-trade area planned; the other planned special zone by the Delhi Metro Rail Corp. will be located in north Delhi.
DSIIDC will execute the project with a private developer at an estimated cost of Rs600-1,164 crore.IL&FS Infrastructure Development Corp. Ltdas consultant. “Our intention is to focus on luxury jewellery, fairs and fashion shows, which are all non-polluting activities,” says Manoj Parida, DSIIDC managing director. It has already spent Rs40 crore to acquire 104 acres of farmland, which has been earmarked for urban planning in the city’s Master Plan for 2021.
The government aims to target diamond sightholders or distributors, and gold, silver and studded jewelry manufacturers. It plans to set up jewellery centres, exhibition halls, hotels, and commercial and residential complexes.
The global market for gems and jewellery is pegged at $146 billion (Rs5.7 trillion). India’s business at $13 billion makes it the world’s second largest market. Exports from Delhi has also recorded a decline, in part because of the new special jewellery zone in Jaipur.