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Jewellery Sector Cheers Budget: Growth & Relief!
1 Feb
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.
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.
These measures collectively enable jewellers to plan confidently for sustainable growth. The stability provided by unchanged import duties on gold and silver is particularly beneficial, supporting domestic consumption and strengthening India's position as a global manufacturing hub.
