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Geetanjali Gems to set up 3 SEZs; to invest Rs 30 bn

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Geetanjali Gems, the jewellery retail arm of Mumbai-based Geetanjali Group, is investing around Rs 30 billion in the next five years to set up three gems and jewellery special economic zones (SEZs) in Gujarat. The proposed projects will come up in Ahmedabad, Surat and Bhavnagar.

Mehul Choksi, CMD, Geetanjali Gems, said, “Gujarat offers a skilled workforce in the diamond sector and we have found it viable to expand across the state. We have planed to invest Rs 3,000 crore (Rs 30 billion) in three proposed projects during the next five years.”

As part of the company’s plan, the first project is likely to come up in next three years time in Surat and it plans to introduce its own range of branded jewellery for the export market from the projects.

Meanwhile, the company, in collaboration with the state government and FICCI, plans to set up three diamond training institutes in the state.

— IndiaRetailing Bureau

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