Bengal plans jewellery parks, offers sops to attract investment

Suresh P Iyengar Mumbai | Updated on March 12, 2018 Published on July 04, 2017

The Gem and Jewellery Export Promotion Council is setting up a skill development centre at Manikanchan, the special economic zone at Salt Lake in Kolkata A Roy Chowdhury

10 clusters identified as suitable for state

West Bengal will become the second state after Gujarat to have a dedicated policy and cluster to promote gold jewellery manufacturing and trade.

The state is developing a gem and jewellery park on 2.5 lakh sq ft at Ankurhati in Howrah and has already allotted 1.5 lakh sq ft. The state plans to sell the remaining area with all necessary infrastructure at a reasonable rate to manufacturers. The Gem and Jewellery Trade Federation has received 5,000 sq ft for setting up a skill development facility within the park.

Another park

The government is planning to set up another gem and jewellery park on six acres at Bon Hooghly, North Kolkata. The park will provide modern facilities, including government-supported employment training programme required for jewellery manufacturing.

The Gem and Jewellery Export Promotion Council is setting up a skill development centre at Manikanchan, the special economic zone at Salt Lake in Kolkata.

Amit Mitra, Minister for Finance, Commerce & Industries, said the government has identified 10 clusters, including gem and jewellery industry, for development based on the in-built strength of the talent pool in the state.

“We have asked the industry representatives to prepare a draft on the incentives they are looking for from the state government. Based on these recommendations, the government will frame its policy in six to eight months,” he said.

Currently, the state commands a turnover of ₹38,000 crore, accounting for 11 per cent of the country’s gem and jewellery industry turnover and is targeting to increase it to 20 per cent by 2020.

About top 24 gem and jewellery industry representatives cumulatively accounting for ₹3.5 lakh crore business attended a meeting in the run-up to the fourth Bengal Global Business Summit to be held in Kolkata on January 17-18 next year.

New policy soon

As in the VAT regime, the state will soon announce a policy to allow exporters procure gold and silver against bank guarantee without paying GST. It is also in the process of developing a database of skilled gem and jewellery artisans for use by the industry.

This apart, it is planning a competitive incentives including capital investment subsidy, interest and power tariff subsidy, tax refund among other. The government plans to brand the unique handcrafted jewellery produced in the state as Kalkatti.

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Published on July 04, 2017
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