As changing gold import policies in India reshape buying behaviours, Dubai’s jewellery retailers are adapting fast. Once a top shopping destination for Indian tourists seeking price advantages, the city is now rebranding its appeal through innovative designs, diverse sourcing, and elevated craftsmanship to win back its core South Asian customer base

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

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

This Ganesh Chaturthi, Mumbaikars have purchased 55 kg of gold—15 kg more than last year—to offer to Ganpati, fueled by positive market sentiment following the reduction in the gold import duty

India's recent gold import duty cut is expected to spark a surge in gold demand during the upcoming festive season. With duties reduced from 15% to 6%, the move aims to make gold more affordable for consumers and boost retail purchases amid the peak wedding and festival period

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

Despite the substantial decrease in gold imports, the country's trade deficit, which is the disparity between imports and exports, has not been reduced.

One of the biggest demands of the gems and jewellery sector was for the government to bring down the customs duty on gold to 10 per cent to eliminate smuggling – but the demand went unheard yet again

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

A reduced import duty will make gold smuggling less attractive and will eventually drive the illegal gold out of the markets.

In March 2021, multiple factors contributed to the rise in imports of gold to 160 tonnes
 

He also asked the industry to follow legal practices such as doing digital transactions to enhance the integrity of the sector
 

In Union Budget 2019-20, gold import duty was raised to 12.50 percent to 10 percent while GST on jewellery was fixed at 3 percent as compared to 1 percent under the previous tax regime