The Gem & Jewellery Export Promotion Council presented key policy proposals to the Government seeking tax reforms, industry incentives, and regulatory ease to strengthen India’s leadership in diamonds, gold, coloured gemstones, and lab-grown diamonds.

Industry leaders have praised the Union Budget for boosting consumer demand through tax reforms, increasing disposable income, and supporting economic growth

The Union Budget 2025-26 brings relief and strategic reforms for the jewellery sector. While the customs duty on gold remains steady at 6%, key changes include new tariff classifications for gold and silver, along with significant duty cuts on platinum findings and jewellery components

The World Gold Council (WGC) has expressed concerns about the potential hike in gold import duties in India’s upcoming Union Budget for 2025

The ICRA report projects a robust 14-18% year-on-year growth in India’s gold jewellery consumption for FY25, driven by factors like the customs duty cut, festive demand, and rural income boost. Organised retailers are expected to lead the growth with network expansions and rising consumer preference for branded jewellery

The domestic gold jewellery industry is projected to grow by 14-18% year-on-year in FY25, according to an ICRA report, despite expected volume contraction

Titan reported a 23% decline in its Q2 profit due to inventory losses and shrinking margins, attributed to the reduction in customs duty on gold imports. Despite this, the company saw strong growth in its jewellery and watches segments

Kalyan Jewellers, the Kerala-based jewellery retailer, posted an impressive 37% year-on-year revenue growth for the second quarter of FY25, buoyed by strong demand for gold across key markets.

CaratLane, India’s leading omni-channel jewellery brand, has launched its ‘Festive Edit’ for Diwali, featuring a diverse collection that celebrates individuality through jewellery

The Indian jewellery market is set for a strong rebound in the coming months, with Nuvama predicting an 18% surge in gold jewellery demand

Investors are increasingly turning to gold ETFs amid the lack of new Sovereign Gold Bonds, driven by favorable tax changes and geopolitical uncertainties

India's gold imports fell by 4.23% to USD 12.64 billion from April to July 2024-25, reflecting global economic uncertainties, according to recent government data

The jewellery market in Tiruchi is experiencing a surge in activity following a reduction in the basic customs duty on gold, silver, and platinum. The Union Budget's cut has lowered the customs duty on gold and silver to 6% and on platinum to 6.4%, down from the previous rate of 15%

The Coimbatore Jewellery Manufacturers Association has requested a tax refund from the Union government for taxes paid on gold metal loans before the recent reduction in Customs Duty