The story
Zaveri Bazaar in south Mumbai has been the city's bullion and jewellery market for generations, run largely by Gujarati, Marwari and Jain trading families. In 1973 the Santacruz Electronics Export Processing Zone (SEEPZ) was set up near Andheri, and jewellery units soon became its largest exporters. Diamond traders moved from Opera House to the Bharat Diamond Bourse at Bandra-Kurla Complex, which gave Mumbai a single trading floor for rough and polished stones. Skilled karigars from Bengal, Gujarat and Maharashtra work in the units, which export mainly to the USA, Hong Kong and the Gulf.
In numbers
In FY 2022-23 SEEPZ, Mumbai exported gem and jewellery products worth US$ 3,362.55 million, the most of any SEZ in India.
GJEPC – SEZs booklet (gem and jewellery exports from SEZs) · 2025SEEPZ Mumbai and Surat SEZ together account for around 89% of total gem and jewellery exports from all SEZs (FY 2022-23).
GJEPC – SEZs booklet (gem and jewellery exports from SEZs) · 2025SEEPZ SEZ is spread across 111 acres; Maharashtra's share in India's gem and jewellery exports is 47%.
MIDC focus sector – Gems & Jewellery · 2026A Special Notified Zone (SNZ) in Bharat Diamond Bourse allows direct supply of rough diamonds.
MIDC focus sector – Gems & Jewellery · 2026
Ways in for a newcomer
- Job-work for SEEPZ exporters: casting, setting, polishing and rhodium plating
- CAD jewellery design and 3D printing of wax models
- Hallmarking, assaying and certification services
- Secure logistics, packaging and display supplies for jewellers
Problems the cluster faces
- Gold and diamond price swings and tight bank credit
- Dependence on a few export markets (USA, Hong Kong, Gulf)
- Lab-grown diamonds are changing prices for natural stones
- High security, insurance and compliance cost
Businesses to start here
Gem Cutting and Polishing →Handicraft Jewellery Unit →Gold Plating of Optical Frames and Jewellery (Job Work) →Artificial Jewellery Shop →