Editor’s Note
This report highlights the economic significance of Mumbai’s historic Zaveri Bazaar, as emphasized by Chief Minister Devendra Fadnavis during the inauguration of a gems and jewelry festival. His call for the market’s beautification, backed by a promise of government support, underscores a push to modernize a traditional commercial hub.
While inaugurating the first Gems and Jewelry Festival organized by the Zaveri Bazaar Welfare Association, Chief Minister Devendra Fadnavis stated that Zaveri Bazaar plays a crucial role in the country’s economy. He urged the market association to take the initiative for the beautification of this historic, old market. The government will provide full support for the market’s transformation.
The Gems and Jewelry Festival is being held from September 22 to October 26. The main exhibition, which was inaugurated by Chief Minister Fadnavis, is taking place from October 6 to 16. The event was attended by Skill Development Minister Mangal Prabhat Lodha, Zaveri Bazaar Welfare Association President Hitesh Jain, Secretary Kishor Jain, and other dignitaries from the jewelry sector.
On this occasion, Chief Minister Fadnavis said that Zaveri Bazaar is the backbone of the Indian gem and jewelry industry, and its craftsmanship is recognized worldwide. Despite difficulties faced over time, Zaveri Bazaar has maintained its tradition and glory. This festival provides a golden opportunity for traders here to expand business with global traders. The Chief Minister further stated that this industry holds a significant share in India’s export sector, and if traders enhance their capabilities, the industry’s contribution to the economy will continue to grow.
During the event, a Memorandum of Understanding (MoU) was signed between the Zaveri Bazaar Welfare Association and India Gold Metaverse. According to the agreement, modern technologies like Artificial Intelligence and Blockchain will be utilized to make trade more efficient.
Praising the uniqueness of this jewelry market exhibition, Chief Minister Fadnavis noted that it has been implemented as an exhibition within Zaveri Bazaar. The program showcased traditional cultural heritage, tradition, and modern decoration. The entrance gates were decorated and named after Lokmanya Tilak, Savitribai Phule, various deities, and the grand nature of the Ram Temple, for which CM Fadnavis commended the organizers. On this occasion, entrepreneurs who made outstanding contributions to the gem and jewelry sector were honored by the Chief Minister.
