As the Union Budget 2025 approaches, the jewellery industry keenly watches for announcements that could shape its future. To provide valuable perspectives, We’ve consolidated insights and quotes from leading fine jewellery brands
Avama Jewellers by Abhishek Kajaria
Spokesperson – Abhishek Kajaria, Founder and Owner
The fine jewellery sector is optimistic about the upcoming Union Budget. Industry experts anticipate that the government will introduce policies to foster growth, enhance competitiveness, and lower costs.
Key Expectations:
-Expected Import Duty Cuts: A decrease in import duties on precious metals like gold and silver could lower raw material costs and boost competitiveness.
-The Diamond Imprest License and a potential reduction in import duty on cut and polished diamonds from 5% to 2.5% aim to create a fair environment for Indian diamond exporters.
-simplified taxation: Industry seeks simplified taxation, including lower GST rates or a “Rates & Taxes Refund” system.
These expectations are driven by the industry’s goal to enhance global competitiveness, reduce costs, and foster growth.
Indian Gem and Jewellery Creation
Spokesperson – Pratik Dugar, Director
Considering the gold rate at its peak , we’re expecting further cut in the import duty of gold rate which will eventually make gold reasonably affordable for large number of people & it would also help the export to hit a new high.
Mahabir Danwar Jewellers
Spokesperson – Sandeep Soni, Director
With the Budget ,approaching, there are huge expectations across various sectors. As for the jewellery sector, expectations always remain high. We hope and expect for some relaxation in direct taxes, Import duty cut in gold, and Rough diamonds, which can bring down the prices & would be beneficiary for the end users. The sector which is unorganised should be given a status of Organised sector.
Crisnato Jewels
Spokesperson – Bharti Bangur, Founder and Owner
In the Union Budget of July 2024, Finance Minister Nirmala Sitharaman announced a reduction in customs duties on precious metals. It had increased the domestic value of metals. During this year 2025, the gems and jewellery sector is advocating for further tax reductions in the upcoming budget. A proposal to lower the GST on jewellery from the current 3% to 1% has been given. The industry argues that this would help to reduce costs and enhance affordability for the customers.
Also Read: Pre-budget Quotes from Educational Leaders 2025
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