Guadalajara, Mexico - The producer of 70 percent of Mexico’s gold and silver jewelry, Guadalajara, was declared the "Jewelry capital of America" on Tuesday.

The designation was agreed upon by the municipal government and Jalisco’s Regional Chamber of the Jewelry and Silver Industry in September 2012 and it was formally announced at an event at Guadalajara city hall this week.

"This industry generates more than 20,000 jobs directly and indirectly in the state, and of these, almost 15,000 are occupied by women," said Horacio Vazquez Parada, the president of the chamber.

Mayor Ramiro Hernandez said Guadalajara has seventeen jewelry malls and over 1,500 points of sale for jewelry – more than anywhere else in the Americas – which are visited by around two million people every year.

Guadalajara is also home to the Americas’ biggest jewelry fair, the Expo Joya, which has more than 600 stands.

Jalisco produces 7.5 tons of gold and 140 tons of silver every year, with annual exports to 39 countries totaling one billion pesos.

The chamber predicts Guadalajara’s new designation and its subsequent promotion will cause annual sales to rise between six and nine percent. "Just as one goes to Paris to bring back perfume, or designer shoes from Milan, tourists will come to Guadalajara to take home jewelry," Vazquez added.

All official paperwork pertaining to Guadalajara will now bear the slogan, "Guadalajara, Capital Joyera de America."