Jongno Precious Metals Special Development Promotion District Achieves S Grade

After receiving an A grade in last year's promotion plan performance evaluation and securing a budget of 200 million KRW, this year it achieved an S grade and secured an additional 300 million KRW

This year, the promotion plan was reestablished reflecting the changed status of the precious metals industry, and the K-Jewelry Festival is scheduled to be held in October

Jongno-gu (Mayor Jeong Munheon) received the highest grade, 'S grade,' in the 2022 Seoul City Industrial and Specific Development Promotion District Operation Evaluation, securing a project budget of 300 million KRW to be invested in revitalizing the precious metals industry, a representative local industry of Jongno.

The Jongno Precious Metals Specific Development Promotion District, targeting 140,855㎡ in the Myeodong 53 area of Jongno-gu, was designated as a promotion district in January 2010, and the promotion plan was announced in March 2013.

Seoul City evaluates the performance of plans for five promotion districts, including Jongno-gu, every year, and since 2022, subsidies for the following year have been differentially supported based on the previous year's evaluation results.

Jongno-gu received an A grade in the 2021 operation evaluation, securing a budget of 200 million KRW, and achieved an S grade in the 2022 operation evaluation conducted in April this year, securing an additional 300 million KRW for the 2024 project budget, a remarkable achievement.

This is meaningful as it is the result of various efforts to revitalize the Jongno precious metals industry, such as holding the K-Jewelry Festival on a large scale in 2022 to support jewelry sales channels and improving the store environment around Seosunra-gil.

This year, the promotion plan will be reestablished reflecting the changed status of the precious metals industry, and the K-Jewelry Festival will be held in October with richer and more substantial content than before.

In addition, capacity-building education for related industry workers and citizen participation programs are also planned.

Mayor Jeong Munheon said, “The Jongno Precious Metals Specific Development Promotion District is the nation's top jewelry hub, with 20% of the national precious metals industry and 50% of Seoul's concentrated here,” adding, “This area, a large industrial complex where the entire process from precious metals manufacturing to wholesale and retail takes place, will be developed so that the urban high value-added industry of Jongno's precious metals industry can expand beyond Korea to overseas.”