Monday, 8th August 2005 (2418 views)

A new special economic zone (SEZ) for jewellery and gems is to be created in Shamsabad, near Hyderabad, in a move that is expected to benefit the gold industry.

This new addition will join the existing two SEZs for jewellery and gems surrounding Mumbai and Calcutta and is set to be completed by 2007.

Mr Acharya, from Andhra Pradesh Industrial Infrastructure Corporation, commented that the new SEZ "will boost the industrial growth for the gems and jewellery sector in the country due to its close proximity to world jewellery trading hubs like Dubai, Hong Kong and Bangkok".

Leading gold manufacturers will take up residence here along with craftsmen specialising in diamonds and gems and the area will include testing laboratories and cutting and polishing facilities.

The development hopes to encourage the already strong jewellery industry in the area and to provide additional jobs.

The creation of SEZs was announced in 2000 to help make manufacturing goods and providing services in various industries become more internationally competitive.



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