Mumbai, Mar 5 (IANS); An ultra-modern and high-tech gems and jewellery park will be developed at a cost of Rs 14,467 crore on a 21-acre complex in Navi Mumbai, officials said here on Tuesday. It is likely to be ready by 2022.

Union Commerce Minister Suresh Prabhu and Maharashtra Chief Minister Devendra Fadnavis laid the foundation stone of the proposed India Jewellery Park (IJP) in the presence of Industry Minister Subhash Desai and Gem & Jewellery Export Promotion Council (GJEPC) Chairman P.K. Agarwal.

Many jewellers from the existing jewellery hub -- Zaveri Bazar in south Mumbai -- could shift to the new complex.

Prabhu said the jewellery accounts for 7 per cent of India's gross domestic product (GDP) and 14 per cent of merchandise exports, playing an important role in the economy.

He said the industry would achieve $75 billion export target by 2025, nearly double from the present $42 billion. The sector employs more than 5 million skilled people.

"To meet the ever-increasing domestic and international demand, it is crucial to facilitate this industry, which comprises mostly MSMEs (micro, small and medium enterprises), with proper environment and infrastructure, technology," he said.

Fadnavis said Mumbai is the biggest exporter of gems and jewellery, accounting for $28,321 million and 69 per cent of the Indian exports in this sector.

"Maharashtra has the largest diamond bourse in the world, the Bharat Diamond Bourse, in Bandra Kurla Complex. The IJP will transform the industry in Maharashtra and India and generate one lakh more jobs," he said.

It will also boost investments, manufacturing, export growth and overall economic development of the state and the country.

The project follows an agreement signed between the state government and GJEPC at the Magnetic Maharashtra 2018 conclave.

The IJP is expected to have an annual turnover of Rs 41,467 crore under the current market conditions with a majority slated for exports.

The GJEPC said India is a global leader in the industry as 90 per cent of rough diamonds come to India for finishing and the industry has a vision of achieving $60 billion exports in gems and jewellery by 2022.

Besides, the IJP will have a common facility centre, customs, banking services, refining centre and other facilities, besides community and medical facilities for the workers and their families.