Maharashtra has taken a decisive step to position itself as a global hub for gems and jewellery. The state cabinet has approved the Gems & Jewellery Policy 2025, the first sector-specific industrial policy of its kind in India. The initiative aims to attract ₹1 lakh crore in investments and create five lakh jobs by 2030.
The policy will remain in effect from 2025 to 2030. A budget of ₹1,651 crore has been earmarked for incentives, with ₹100 crore specifically set aside for 2025–26. In addition, a total outlay of ₹13,835 crore has been approved to extend benefits from 2031 to 2050.
The policy covers every segment of the industry, including gold, silver, diamonds, and precious stones. It aims to develop Maharashtra into a major manufacturing and trading center at the global level.
Jewellery manufacturers and exporters under the scheme will be eligible for a range of benefits. These include interest subsidies, investment incentives, stamp duty exemptions, reduced electricity tariffs, cluster development support, and assistance for design, branding, and packaging. The state also plans to provide plug-and-play infrastructure, single-window clearances, and reliable access to power and water.
These measures are intended to simplify operations for existing businesses and encourage new entrants by lowering setup costs and expanding capacity.
The Gem and Jewellery Export Promotion Council (GJEPC) has welcomed the move. Chairman Kirit Bhansali said, “The new policy will give a strong push to the entire ecosystem, from manufacturing and exports to skill development and employment generation.”He added that the policy was developed over 18 months in consultation with the industry.
Trade bodies believe the policy will modernize production units, promote ease of business, and strengthen training infrastructure. Retail Jeweller India reported that it could help Maharashtra double its gems and jewellery exports from USD 15 billion to USD 30 billion within five years.
For jewellers, the policy promises a more competitive business environment. Streamlined approvals and cluster-based infrastructure could help small and medium manufacturers grow faster. The next challenge lies in execution, ensuring timely delivery of incentives and infrastructure across regions.
If implemented effectively, the Maharashtra Gems & Jewellery Policy 2025 could transform the state into a leading global destination for jewellery design, manufacturing, and trade.