The India Bullion & Jewellery Association Ltd (IBJA) is mulling to set up a Jewellery & Knowledge Park near Mumbai, says a report.

The proposed park is come up at an estimated cost of Rs. 3,500 crore. The park slated to be developed in two phases, will have - residential zone and manufacturing zone - and is expected to be completed in seven years. The 500-acre park may either come up in Panvel or near Khopoli. Maharashtra Industrial Development Corporation (MIDC) is already looking at these options. It will have a dedicated zone for manufacturing and related activities on 300 acres, while amenities and support activities including training institutes, research centre, exhibition and convention centre, residences, hostel, schools, hospitals among others will be set up on the balance 200 acres. The park is expected to facilitate shifting manufacturing units of gems and jewellery segment to this state-of-the-art park that offers multiple modern facilities, adds a report.