Visakhapatnam: Gems, jewellery industry records growth of 16%

Visakhapatnam: VSEZ has been set up at Visakhapatnam, as Visakhapatnam Export Processing Zone (VEPZ) over 360.5 acres in 1989. Later, with the promulgation of SEZ Act and Rules in 2005, & 2006, the VSEZ has come into existence with its jurisdiction over AP, Telangana and CG, Yanam UT, and started regulating the set-up, operation, and regulation of SEZs in these States.

A Rama Mohan Reddy, Development Commissioner. said that during 2020-21, as on January 31, 2021, the exports made from VSEZ were to the tune of Rs 85,449 crore (11574 mi. USD) and VSEZ recorded an increase in the exports of 11.34 % so far, whereas country recorded a recession in exports during the same period. The VSEZ provided employment to 3,93,312 persons and an investment of Rs 56,180 crore has been made so far.

Constell Group, a Gems and Jewellery Group, with headquarters in British Virgin Islands, has set up four of their units in VSEZ at Duvvada in Visakhapatnam, and are operating successfully. The four units are: Worldwide Diamond Manufacturers Pvt Ltd which was set up in 1997, Worldwide Diamond Sorting Pvt Ltd set up in 2012, Worldwide Diamond & Jewellery Manufacturers Pvt. Ltd set up in 2018 and Constell Manufacturing Pvt. Ltd set up in 2020.

Talking to the media, the Development Commissioner said, that the 4 operational units of Gems and Jewellery in VSEZ have been providing employment to 1,200 persons (660 men and 540 women)and they have achieved exports to the tune of Rs 136 crore compared to Rs 115 crore last year, and thus the exports increased by 16% up to January 2021.