Odisha Government Approves Gitanjali Gems Industrial Park

India: Odisha government has in-principle approved setting up of Gitanjali Gems Ltd. gems and jewelry industrial park at Ramdaspur in Cuttack district. The total estimated investment in this private industrial park, which is spread over 100 acres is around USD105 million over seven years, said an official on Thursday.

The in-principle approval for the establishment of the park was given at the state-level committee meeting held under the chairmanship of Chief Secretary Aditya Prasad Padhi. The proposed components in the park include precious and semi-precious diamond cutting, diamond polishing, designing and manufacturing of gold, silver, platinum and diamond jewelries, manufacturing of fashion jewelry, manufacturing of life style products, retail centers and export houses. The company proposed to bring in its associates and promoters like Asmi, Nakshatra, GILI, Sangini, Nirvana, Kairana, Valente, Viola to the park, said a release. The project envisages creating jobs for around 16,000 people in three different phases of which 4,000 would be engaged in the first phase.

According to TechSci Research, establishment of Industrial Park in Odisha, would benefit the company as most of the industrial and processing parks are based on western and southern region while Kolkata is the only major processing plant in the region. This would also be a change for the company as it has 3 industrial and processing plants based only in Maharashtra.

According to a recent report published by TechSci Research, “Global Gems & Jewelry Market Forecast & Opportunities, 2020”, the global market for gems & jewelry is projected to grow at a CAGR of around 6% during 2015-20. In 2014, the gold jewelry segment dominated the global gems & jewelry market, followed by diamond and platinum jewelry. Demand for precious gem stones has also been growing due to changing preferences of younger generation from gold to colored gemstone, platinum and palladium jewelry. Growing brand consciousness is also boosting sales of branded jewelry in developed as well as developing economies, and this trend is expected to gain strengthen over the next five years. Few of the major branded gems & jewelry companies with operations spread across the globe include Tiffany & Co., Gitanjali, Signet, LVMH, Chow Tai Fook, and Richemont.