The Maharashtra government has declared that stamp duty will be waived for the first lease of land and subsequent sub-lease for the future India Jewellery Park. The Gem and Jewellery Export Promotion Council is behind the venture, which is located in Mahape, Navi Mumbai.
“We are immensely grateful to the Government of Maharashtra for their support in waiving stamp duty for the India Jewellery Park in Navi Mumbai,” stated GJEPC chairman Vipul Shah, according to the GJEPC website. “This substantial project represents a watershed moment in the development of the gem and jewellery sector. The stamp duty waiver will not only promote investments but also accelerate the expansion of this industry by reducing the financial strain on firms.
The Maharashtra Government Gazette announced the decision, which aims to boost investment in the state’s jewellery industry. The stamp duty waiver applies to all qualified units in the India Jewellery Park, and the GJEPC is convinced that the decision will attract new investors to the sector.
“The India Jewellery Park is set to transform the jewellery manufacturing landscape,” Shah advised. “It would become a cutting-edge hub for research, production, and trade, greatly increasing exports, creating jobs, and bringing global attention to India’s craftsmanship. With the government’s backing, the park will play an important part in realising our goal of making India a global leader in the gem and jewellery business.”
