The government has ended a tax benefit for banks importing gold, silver and platinum, bringing these shipments under the 3% Integrated GST levy from April 1, 2026, to ensure parity across import channels

Uday Kotak has proposed a dedicated committee to examine India’s rising gold imports, with the country’s FY27 gold import bill potentially reaching dollar 88–90 billion.

With new trade agreements opening markets, and shifting global sourcing strategies creating fresh opportunities, India’s gem and jewellery industry is entering an important phase. GJEPC Chairman Kirit Bhansali discusses India’s growing global role, emerging export opportunities, and the road ahead, with Suneeta Kaul.

Strong jewellery sales and higher store footfall at Titan indicate that consumer demand for gold remains resilient despite calls to curb purchases and a higher import duty.

The government is considering reducing gold and silver import duties after the 15% levy failed to curb imports and was linked to growth in India’s grey market.

The government plans to make silver jewellery hallmarking mandatory from October 2026, expanding BIS oversight as silver consumption, prices and jewellery trade volumes rise.

With the U.S. Section 301 tariff regime taking effect on July 24, 2026, GJEPC says Indian gem and jewellery exports continue to face a 10% additional tariff despite policy compliance.

The Gem & Jewellery Council has cautioned that the US' 10% tariff on Indian imports could weaken export competitiveness, squeeze margins and impact jobs, urging government intervention through trade negotiations.

Ahead of the India-UK CETA taking effect on July 15, 2026, GJEPC hosted a London Buyer-Seller Meet to connect Indian exporters with UK buyers and expand bilateral gem and jewellery trade.

The Jonnagiri Gold Mine was inaugurated in Andhra Pradesh on June 26, marking India's first commercial-scale private-sector gold mine since Independence and supporting domestic gold production and supply.

India’s gold market slowed through May and early June as higher import duties, price volatility and seasonal factors curtailed jewellery demand, while ETF outflows and imports also declined.

India’s gem and jewellery exports totalled $4.27 billion in April-May 2026, while GJEPC urged the government to address gold supply constraints and regulatory issues affecting export manufacturing.

Augmont has launched the next phase of its ‘Recycle with Resilience’ campaign from Mumbai, introducing AI-powered purity evaluation in Chennai to promote transparent, organized gold recycling across India.

The Department of Commerce and GJEPC organized an outreach programme in Jaipur on 9 June, encouraging jewellery exporters to utilize India’s FTAs to expand exports and access global markets.