Gems and jewelry sector wants GST cuts and tax relief in upcoming budget
The All India Gem & Jewellery Domestic Council (GJC) has asked Finance Minister Nirmala Sitharaman to lower GST on gold and silver jewelry from 3% to around 1.25-1.5%.
The Gem & Jewellery Export Promotion Council (GJEPC) is also pushing for lower import duties on diamonds and gemstones, plus a few other tax tweaks, hoping this will make jewelry more affordable and boost demand.
Why should you care?
These changes could help ease inflationary pressures, support small businesses, protect artisan jobs, and make Indian jewelry more competitive globally—especially against lab-grown diamonds and rising US tariffs.
The councils are also asking for tourist GST refunds at airports to attract international buyers, aiming for more exports and to boost retail demand.
If these proposals go through, the industry hopes to see stronger growth—and maybe better deals next time you shop for bling.