Gujarat Hira Bourse to seek land for jewellery park

The Gujarat Hira Bourse (GHB) will hold talks with the state government for allocation of land in Ichhapore to set up a gem and jewellery park.

At a meeting held in Mumbai on Friday, GHB also decided to admit more members to the exchange.

GHB joint secretary Pravin Nanavati said, "The meeting was attended by members of the managing and advisory committees of GHB in addition to several leading diamond businessmen from Surat and Mumbai. A decision to complete the jewellery park project at the earliest was taken during the meeting."

"The demand for jewellery is expected to go up in the coming years. If the jewellery park is delayed, it will be the local diamond industry that will lose out, which we do not want to happen," said Nanavati.

"We have decided to hold talks with the state government shortly seeking possession of the land at Ichhapore," said Nanavati.

"One major constraint for the local diamond industry was the absence of an airport in Surat. Work on the airport has already started and it is expected to become fully operational within six-seven months," Nanavati said.

GHB chairman Chandrakant Sanghvi said, "GHB currently has 340 members and each one has paid Rs 5 lakh as deposit. There is room for more members in the bourse. At the same time, there are several diamond businessmen, not only from Surat, but even from Mumbai and other places who have shown interest in setting up units in the jewellery park. So we have decided to admit some more members."

"We are determined to make the Ichhapore Gem & Jewellery Park the best of it's kind in the world and we will take all necessary steps for the same," Sanghvi said.

The park structure alone is expected to cost GHB Rs 45 crore.

The project has, however, run into rough weather as local farmers are demanding that they are the original owners of the land and the land should be handed back to them.