Union Budget 2026-27 makes a strong push for MSMEs, with a Rs 10,000-crore SME Growth Fund; besides, it enables faster payments via mandatory TReDS for CPSE purchases. Overall, the Budget emphasizes fiscal prudence, infrastructure creation, and ease of doing business. For a sector navigating global uncertainty, shifting consumer preferences, and rising compliance standards, it is stability that the enabler.

Ahead of the Union Budget 2026–27, leading jewellery retailers, manufacturers and industry bodies outline expectations on GST, import duties, exports, digital gold regulation, working capital, and policy reforms to strengthen growth.

Despite soaring gold prices, steep tariffs and rising crime, US jewellery sales continue to climb in 2025 — driven by resilient consumer demand, strong independents and a smaller but stronger retail base.

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.

The global diamond and jewellery trade is rallying to secure an exemption from steep new US import duties that threaten to disrupt supply chains and drive up prices.

The Gem & Jewellery Export Promotion Council (GJEPC) met on Friday to address the sharp rise in US tariffs on Indian jewellery, which now stand at 25%–32%, threatening the export segment. Discussions covered the scale of the impact, the need to explore legal and operational intricacies, and long-term strategies to protect the sector.

Move aims to ease trade tensions and gain relief from potential US tariff hikes

The recently signed India-UK Free Trade Agreement (FTA) is set to significantly reshape the landscape for Indian gem and jewellery exports, granting zero-duty access to the UK market for the first time. The agreement removes existing tariffs of up to 4% on jewellery exports, delivering an immediate competitive edge for Indian exporters and reducing cost pressures across the supply chain

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

Incentives include concessions in power cost, interest cost and tax, R&D support to develop indigenous technologies for LGDs, skill development support and others

Ministers of Defence and Consumer Affairs assure No HUID number transfer in the portal

Earlier exempted forms of gold jewellery like Kundan, Polki, Jadau proposed to be hallmarked

The Council had organized a webinar to discuss the key aspects and procedures of the agreement

India Jewellery Park Mumbai is the first-of-its-kind integrated gem and jewellery industrial park with manufacturing units, commercial areas, residences for industrial workers, and commercial support services