Mumbai, Mar 17 (PTI) Gem and Jewellery Export Promotion Council (GJEPC) on Friday inked an agreement with Jewellers Association Bengaluru (JAB) to set up a jewellery park in Karnataka to boost jewellery manufacturing and trade in the state.

"We are supporting the Jewellers Association Bengaluru in setting up a Jewellery Park in Karnataka. Discussions are underway with the state government regarding the allocation and finalisation of land for the project. The project is expected to generate 1 lakh additional jobs in the sector for the people of Karnataka," GJEPC chairman Vipul Shah said in a statement.

Also Read | Colliers India CEO Ramesh Nair Resigns To Pursue External Opportunities.

Meanwhile, GJEPC also inaugurated the four-day India International Jewellery Show - IIJS Tritiya, which will end on March 20, a month prior to Akshaya Tritiya, considered auspicious for buying gold jewellery. IIJS Tritiya saw participation from more than 800 exhibitors with over 1,500 stalls.

"IIJS Tritiya is poised to act as a catalyst for further advancement of the gem and jewellery industry in Karnataka, benefiting both manufacturers and retailers. We are already witnessing a surge in exports from this state.

Also Read | Shares of Eight Adani Group Firms Settle With Gains; Adani Enterprises Rallies Over 5%.

"From April 2022 to February 2023, the gem and jewellery exports from Karnataka experienced a remarkable growth of 169 per cent, reaching USD 150.33 million, as compared to last year," Shah said.

Currently, India's overall gem and jewellery exports account for USD 40 billion and GJEPC aims to reach USD 75 billion in exports by 2030, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)