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

In her Budget speech, the Finance Minister said that customs duty on cut and polished diamonds and gemstones would be reduced to 5% from the existing 7.5%

Some of the major aspects of budget representation are duty cuts primarily for gold, cut and polished diamonds, precious and semi-precious gemstones

The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones, in the upcoming Union Budget 2021-22

The Gem and Jewellery Export Promotion Council (GJEPC) proposes several measures like reduction in cut and polished diamonds to 2.5%, reduction in import duty of gold and other precious metals to 4%, Technology Upgradation Fund (TUF) Scheme for G&J industry; need for additional Common Facility Centres (CFCs) and many more to strengthen the gems and jewellery export sector

Govt proposed import duty on rough colored gemstones from Nil to 0.5 percent. Move to impact the 4 lakh workers in Rajasthan, the hub of processing and cutting of colored gem stones.

She ruled out any possibility of reduction in import duty citing that the country does not produce gold within its borders

With cost of doing business going up, export competitiveness will go down; Indian exporters will lose business to neighbouring countries resulting in job losses

Welcoming the Budget, the gems and jewellery industry said positive focus on the rural economy and estimated growth of GDP to 7.2-7.5 per cent will boost demand. 
 

While announcements for gold seemed positive, the industry mourns the Government’s decision to increase customs duty to 5 per cent on polished diamonds as well as gemstones.

The India Gold & Jewellery Summit will cover topics such as value addition through jewellery manufacturing, merchandising and marketing and trends, among others.

G&J exports account for 15.71% of the country’s total exports in FY17.

Myheera.com pledged 5 per cent of all memberships sold on Myheera.com to Jewellery Industry Reserve for Indian Craftsmen as an official support for craftsmen and workers of gems and jewellery industry.

'Jewels of Awadh' are an assortment of more than 150 year old authentic antique jewels that were once worn and treasured by the royal courtesans and are revamped with a fresh perspective while retaining its authentic roots.