Mumbai, Jan 18 : The Gem & Jewellery Export Promotion Council (GJEPC) will develop India's first and biggest jewellery park in Navi Mumbai, with an investment of around Rs 50,000 crore, and with an expected employment potential of over 1,00,000, within three years, officials said on Thursday. The GJEPC and Maharashtra government signed an MoU to the effect at the ongoing World Economic Forum (WEF) meeting at Davos in Switzerland on Thursday. The MoU was inked in the presence of Chief Minister Eknath Shinde, GJEPC Chairman Vipul Shah and other top government and diamond industry officials. Speaking on the occasion, Shinde said that Maharashtra has been a leader in trade and business including a whopping 72 percent of India's share in the gems and jewellery exports, showcasing its importance for this industry. "The India Jewellery Park in Navi Mumbai is a dream project set to generate one-lakh jobs in the sector, and the initiative will further elevate the gem and jewellery trade within the state, making significant contributions to the nation's economy," said Shinde, assuring the government's full support for the project and the critical industry. Shah said that "the India Jewellery Park would be a game-changer for not only the state but the Indian economy". "The India Jewellery Park will vitalise the economic system with new skills, new technology, quantum growth in exports, and enhance the country's GDP. it will attract substantial Foreign Direct Investment (FDI) from global jewellery brands, gold refineries, machine manufacturers, logistics support providers, etc. The sunrise sector of lab-grown diamonds shall get special incentives for setting up units in the park, which will enhance India's dominance internationally," said Shah. The government has allotted a 21-acres plot to the GJEPC in the Mahape industrial area of Navi Mumbai for the proposed India Jewellery Park, which would be a comprehensive hub offering state-of-the-art infrastructure and ancillary facilities, along with a skilled workforce, to manufacturers in the gems and jewellery industry. It will aim to establish an end-to-end jewellery manufacturing ecosystem by providing integrated services under one roof, including security, logistics, refineries, machinery, and more, according to GJEPC Vice-Chairman Kirit Bhansali. The facilities encompass various essential components such as a Customs office, effluent treatment plant, compound wall, centralised vaulting system, water supply, workshops, and allied utilities. One of the key objectives is to support Micro, Small, and Medium Enterprises (MSMEs), fostering the creation of additional job opportunities within the employment-intensive gems and jewellery sector. Through these initiatives, India Jewellery Park aims to catalyse growth, efficiency, and innovation in the country's vibrant jewellery industry, added Bhansali. The MoU ceremony in Davos was attended by Industry Minister Uday Samant, Shrikant E. Shinde, Thane MP among others. /IANS