Mumbai | The Maharashtra government announced its Gems and Jewellery Policy 2025 on Wednesday, aiming to attract investments of Rs 1 lakh crore and create 5 lakh new jobs in the sector over the next five years.

The policy envisages financial incentives of an estimated Rs 1,651 crore during the 2025-30 period, with an additional Rs 12,184 crore allocated for the subsequent 20 years (2031-2050), bringing the total outlay to Rs 13,835 crore, according to a government resolution (GR) issued by the Industry Department.

The policy is valid for five years or until a new plan is introduced, the GR said.

The government has allocated Rs 100 crore in budgetary provisions for the current financial year 2025-26 under a dedicated mandatory head for policy implementation, according to the order.

Maharashtra's gems and jewellery sector contributes 18 per cent to India's total gross value addition in the industry, positioning the state as a leading hub for gems and jewellery in the country, the resolution stated.

The policy aims to double the state's exports in the sector and transform informal businesses into recognised industries through regulatory support, financial incentives, and access to formal markets.

Key infrastructure projects include the India Jewellery Park Mumbai, spread over 21 acres in Navi Mumbai's Mahape industrial area, which is expected to generate over 1 lakh jobs with an estimated investment of Rs 50,000 crore, the GR said.

The Bharat Diamond Bourse in Mumbai, the world's largest diamond trading hub, spread over 20 acres, currently provides employment to approximately 60,000 people.

The policy also proposes setting up dedicated design studios, plug-and-play facilities, and digital trade hubs, emphasising skill development in partnership with the Indian Institute of Gems and Jewellery and other institutions.

Special provisions include stamp duty exemption, electricity duty waiver for 10 years for units in parks and 100 per cent export-oriented units, and power tariff subsidies ranging from Rs 1 to 2 per unit for three years, according to the GR.

The government will establish a blockchain-based industry ledger system in partnership with the Bharat Web 3 Association and Gems and Jewellery Export Promotion Council to ensure transparency and traceability across the value chain.