Gems and jewellery exporters on Friday lauded the Maharashtra government's decision to waive stamp duty on the first lease of land and subsequent sub-leases within the India Jewellery Park (IJP) in Navi Mumbai.

The Maharashtra Government Gazette, dated September 25, announced this incentive aimed at fostering investment and boosting the jewellery sector's growth. The waiver is expected to ease the financial burden on businesses operating within the park.

"By easing the financial burden on businesses, the stamp duty waiver will not only encourage investments but also accelerate the growth of this sector," said Gem and Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah in a statement.

The India Jewellery Park, which has been under development in Navi Mumbai, is envisioned as a world-class facility to enhance India’s position as a global jewellery manufacturing and trading hub. It aims to attract domestic and international players while creating thousands of jobs within the sector.

This stamp duty relief comes at a time when the industry is facing challenges due to fluctuating global demand, and it is expected to provide much-needed momentum to the sector.