Gitanjali Gems Ltd has dropped its plan to set up a special economic zone

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(SEZ) in Nanded, Maharashtra, a Mumbai based business daily newpaper reported, citing the firm's chairman.

"It being away from both the major domestic consumption centre and the sea and air ports, the SEZ in Nanded would not be viable," Gitanjali Gems Chairman Mehul Choksi said.

The jeweller has also decided to go slow on six other SEZ projects in view of lower demand from jewellery items across the world, the paper said on Monday. Three of the SEZs are in Maharashtra, the other three in Gujarat.

The firm has invested 2.5 billion rupees to develop 500,000 square feet of area in an SEZ at Hyderabad, Choksi told the paper.

It is investing another 2 billion rupees to build up an area of one million square feet in the SEZ at Hyderabad.

The company was not immediately available for comments.

Gitanjali Gems sells jewellery under the Gili, Nakshatra, Asmi and D'Damas in India.