The Gem & Jewellery Export Promotion Council (GJEPC) has appealed to Finance Minister Nirmala Sitharaman for urgent relief measures to help the Indian gem and jewellery industry withstand the financial strain caused by the recent 50% tariff imposed by the United States, which threatens exports, jobs, and sector competitiveness.

With the steep Trump tariffs now having come into play, the cutting, polishing, manufacturing and export hubs of India are facing severe problems, with joblessness and unit-closure a distinct possibility. The silver lining is that the GJEPC is hopeful of a solution, particularly in view of the advocacy efforts of its US counterparts, who are also working hard to impress upon the Trump administration that the high tariffs will have a deleterious effect on the US jewellery industry as well. In a free-wheeling conversation with Suneeta Kaul, Kirit Bhansali, Chairman, GJEPC, talks about the impact of the tariffs, the steps being taken to bring about some relief to the industry, its expectation from the government, and more.

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

Pramod Agrawal, Chairman of the National Gems & Jewellery Council of India (NGJCI), met the Finance Minister Nirmala Sitharaman to extend New Year greetings and discuss key proposals submitted for the Union Budget 2025-26

The Gem and Jewellery Export Promotion Council (GJEPC) recently held a well-attended webinar on July 25, 2024, to analyze the impact of the Union Budget 2024 on the gem and jewellery industry. The event featured insights from industry experts and highlighted key budget measures beneficial to the sector

The Indian government is expected to increase the Goods and Services Tax (GST) rate on gold and silver from 3% to 5%. This anticipated hike follows recent reductions in the basic customs duty, as outlined in the latest Budget

Finance Minister Nirmala Sitharaman’s Budget has been hailed by the gems and jewellery industry, with stakeholders calling the duty cuts a long-awaited step in the right direction

In a significant boost to the gems and jewellery industry, Finance Minister Nirmala Sitharaman announced a reduction in customs duties on precious metals. The customs duty on gold and silver has been slashed from 15% to 6%, while the duty on platinum has been lowered from 15.4% to 6.4%

The Budget has not addressed any of the concerns of the gem and jewellery industry, leaving the industry disappointed

The All India Gem & Jewellery Domestic Council advocates for a reduction in customs duties, presenting crucial pre-budget recommendations

Tanishq, a jewelry brand owned by Tata, is targeting double-digit growth in FY24, with plans to expand its high-value and solitaire segment by 2x and wedding and occasion wear segment by 1.5x.

UAE gold trade and Indian shoppers will keenly follow any change on Budget day.

Finance Minister Nirmala Sitharaman will present the budget on the Parliament on February 1, 2023. With the approaching central elections, popular consensus on this year’s budget is that it would be growth-oriented, with a focus on infrastructure, inflation, manufacturing and rural economy