How does the Union Budget 2026-27 support the gems and jewellery industry's exports and manufacturing?

Customs reforms aim to reduce delays and costs, while SEZ reforms will help factories utilize idle capacity, strengthening exports and manufacturing.

What impact do unchanged customs duties have on the gems and jewellery sector?

Keeping import duties unchanged for gold and silver provides stability to the sector, enabling better long-term planning and driving sustainable growth.

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Jewellery Sector Cheers Budget: Growth & Relief!

Q: What reforms has the Union Budget 2026-27 introduced for the gems and jewellery sector?

The Union Budget 2026-27 introduced transformative customs reforms, including trust-based processes and digital appraisals, and a special facility for SEZ units to supply to the DTA at concessional duties.

1 Feb

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Summary

Budget provides growth momentum to the gems and jewellery sector.
Customs reforms and SEZ benefits aim to boost manufacturing and exports.
Industry welcomes unchanged customs duty and GST rates for stability.

Jewellery Sector Cheers Budget: Growth & Relief!

India's gems and jewellery sector has enthusiastically welcomed the Union Budget 2026-27, characterizing it as a catalyst for growth and a solution to industry bottlenecks. The budget introduces transformative customs reforms, including trust-based processes and digital appraisals, designed to significantly reduce delays and costs for businesses.

Furthermore, the budget facilitates Special Economic Zone (SEZ) units to supply to the Domestic Tariff Area (DTA) at concessional duties. This strategic move is anticipated to enhance capacity utilization in factories, safeguard employment, and bolster trade during volatile global demand periods.

Industry representatives expressed satisfaction with the absence of any increase in customs duty or Goods and Services Tax (GST). This policy certainty, coupled with robust support for MSMEs and simplified income-tax measures, provides confidence and reinforces the sector's role in driving employment and economic growth.