Gems and jewelry sector seeks these changes in upcoming budget
India's gems and jewelry industry is urging Finance Minister Nirmala Sitharaman to lower GST on gold and silver jewelry from 3% to 1.25%, and seek import-duty rationalization, including proposals to reduce gold import duty from 6% to 4%.
They're also pushing for Customs Act updates—like using AI appraisals—to make processes smoother and help them stay competitive as global prices rise.
Industry also wants to boost lab-grown diamond sales
These changes could make jewelry more affordable for buyers, support local artisans with better training, and help Indian brands compete worldwide.
The industry is also asking for perks like a tourist GST refund at airports, easier rules for exchanging old gold, tax breaks on reinvested jewelry sales, and support for lab-grown diamonds—moves that could shake up how young Indians buy (and sell) bling.