Budget addresses key bottlenecks for gems and jewellery: Industry

The absence of any increase in customs duty or GST, continued policy certainty, strong MSME and cluster support, ease-of-doing-business measures, and litigation-reducing income-tax reforms together provide confidence to the trade and reinforce the governments recognition of our sector as a key contributor to employment, exports, and economic growth, he added.

The gems and jewellery sector on Sunday welcomed the Union Budget as positive and growth-focused, saying it addresses key bottlenecks and provides fresh momentum to the industry. ''We thank the government for a positive, growth-focused Budget that addresses key bottlenecks and gives fresh momentum to India's gems and jewellery sector. It improves liquidity, supports manufacturing and strengthens exports across the value chain,'' GJEPC Chairman Kirit Bhansali said. GJEPC welcomes the Union Budget's transformative customs reforms, recommended for adoption. ''Trust-based processes, digital appraisals, and simplified clearances will slash delays and costs, accelerating business growth. We also applaud the limited sales from SEZs to the Domestic Tariff Area at concessional duties. This will enable factories to utilise idle capacity, safeguard jobs, and strengthen trade amid the US tariffs and global demand volatility,'' Bhansali said. He said that the removal of the Rs 10 lakh cap on courier exports is a big boost for e-commerce, enabling. All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde said the Union Budget 2026-27 reflects a stable and sensitive approach towards the gems and jewellery industry. ''The absence of any increase in customs duty or GST, continued policy certainty, strong MSME and cluster support, ease-of-doing-business measures, and litigation-reducing income-tax reforms together provide confidence to the trade and reinforce the government's recognition of our sector as a key contributor to employment, exports, and economic growth,'' he added. GJC Vice Chairman Avinash Gupta said the gems & jewellery trade welcomes the Union Budget 2026-27. ''The absence of any increase in customs duty, combined with strong MSME support, improved access to finance, simplified income-tax compliance, and enhanced ease-of-doing-business measures, will enable jewellers across the value chain to plan confidently and focus on sustainable growth amid global uncertainties,'' he added. Colin Shah, Founder and Managing Director of Kama Jewelry said SEZ reforms -- primarily, the introduction of a special one-time facility for SEZ units to supply to the DTA at a concessional rate of duty -- is a welcome move, and will help enhance capacity utilisation and realising the government's vision of making the country a diamond trading and manufacturing destination in the world. Also, keeping the import duties unchanged for gold and silver will give the sector a much-needed stability, thus driving sustainable growth, he noted. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions and President of India Bullion and Jewellers' Association, said, the Union Budget 2026-27 focused on sustained 7 per cent growth through fiscal discipline, structural reforms, and people-centric development. ''It prioritised manufacturing, MSMEs, services, infrastructure, energy security, and trust-based governance, while advancing Viksit Bharat via inclusive growth, financial stability, and ease of doing business,'' he said. Chetan Thadeshwar, Chairman and MD Shringar House of Mangalsutra, said the Union Budget reinforces the importance of macro-economic stability and disciplined fiscal management at a time when domestic consumption remains the primary growth driver for the jewellery industry. ''As economic stability supports household confidence and formal employment generation, discretionary demand for jewellery is likely to strengthen across both wedding-led and daily-wear categories,'' he said. For the industry, this predictability enables better long-term planning across manufacturing, retail and exports, while at a broader level it supports consumption-led growth, employment generation and India's position as a trusted global jewellery manufacturing hub, he added.

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