Synopsis:
The new Gems & Jewelry Policy 2025 of Maharashtra is targeted to draw an investment of Rs 100,000 crore and create 500,000 new jobs, besides giving a boost to the manufacturing and exports. It is expected that the promotional measures will bring about great changes in the business of such big names as P.N. Gadgil, Tanishq, and Kalyan Jewelers.
The Maharashtra government has unveiled its first-ever Gems & Jewellery Policy 2025, aiming to transform the state into a global hub for jewellery manufacturing, exports, and design. The move is expected to attract major investments and boost industry growth across the value chain.
What was the announcement?
The Maharashtra government has launched the state’s first-ever Gems and Jewelry Policy 2025, aiming to attract Rs 1 lakh crore in investments and create over 5 lakh new jobs. The policy isn’t just about big numbers; it’s designed to make doing business easier, modernize manufacturing, and help companies compete globally.
Industry leaders have welcomed the move, saying it will boost investment, job creation, and global competitiveness. The Gem and Jewellery Export Promotion Council (GJEPC) and the All India Gem & Jewellery Domestic Council (GJC) said the policy will strengthen Maharashtra’s role as India’s jewellery hub and help the country move closer to its goal of becoming a $5 trillion economy.
Maharashtra accounted for a staggering 47 percent of India’s Gems and Jewellery exports for FY 2023-24, valued at USD 15 billion. Key export destinations for Maharashtra include the United States, Hong Kong, the United Arab Emirates, Belgium, Israel, etc.
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Major Players Set to Benefit from Maharashtra’s Jewelry Boom
P.N. Gadgil Jewelers stands to be one of the biggest winners from this policy. As Maharashtra’s second-largest jewelry retailer with deep roots in the state since 1832, PNG is perfectly positioned to capitalize on the new incentives.
The company currently operates 55 stores in Maharashtra and Goa, of which the majority (90 percent) of the stores are located in Maharashtra, consisting of 42 company stores and the rest are franchisee stores.
Tanishq (Titan), India’s largest organized jewellery retailer, has a substantial presence in Maharashtra with 61 stores across the state, including 27 in Mumbai alone. Their sub-brand Mia by Tanishq has 31 stores in Maharashtra, with 19 in Mumbai, showing their commitment to the state’s market. The new policy’s focus on design innovation and technology upgrades could benefit Tanishq’s premium positioning and help them expand their manufacturing capabilities in the state.
While Kalyan Jewellers has a relatively smaller presence in Maharashtra currently, their aggressive expansion strategy through the franchise model could benefit significantly from the new policy.
The company plans to open 170 new stores in FY26, with a focus on non-South markets, including Maharashtra. The policy’s franchise-friendly incentives and infrastructure support could accelerate their Maharashtra expansion plans.
In conclusion, Maharashtra’s Gems and Jewellery Policy 2025 is poised to be a game-changer for the state’s jewellery ecosystem. By attracting Rs 1 lakh crore in investments, creating lakhs of jobs, and improving ease of doing business, the policy sets the stage for rapid growth across manufacturing, exports, and design.
Established players like P.N. Gadgil Jewellers and Tanishq are likely to benefit the most due to their deep presence and strong brand positioning in the state, while expanding brands like Kalyan Jewellers could leverage the policy’s incentives to accelerate their Maharashtra footprint. Overall, this initiative could transform Maharashtra into India’s jewellery powerhouse and strengthen the country’s global standing in the sector.
Written by Satyajeet Mukherjee
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