01/02/2025
Union Budget 2025-26 – A Balanced Approach to Strengthen the Jewellery Industry
Mumbai, February 1, 2025 – The Popley Group welcomes the -26, presented by Finance Minister Smt. Nirmala Sitharaman, as a well-balanced and structured approach that fosters economic growth while ensuring stability for the sector.
The budget introduces several progressive measures to support exports, domestic manufacturing, and ease of doing business. It also maintains a status quo on key tax structures, preventing disruptions in the jewellery trade.
Key Announcements Impacting the Jewellery Industry:
🔹 Customs Duty on Jewellery Reduced: From 25% to 20%, making high-value jewellery more accessible to consumers and boosting domestic demand. *(Effective February 2, 2025)
🔹 Platinum Findings Duty Cut: From 25% to 5%, encouraging cost-efficient manufacturing and global competitiveness.
🔹 Gold Import Duty Retained at 6%: Ensuring market stability amid fluctuating international gold prices.
🔹 Omission of on Specified Goods Above ₹2.5 Crore: Reducing compliance burdens for jewellers and enhancing liquidity.
🔹 Reforms: Increased disposable income for consumers, leading to stronger retail demand.
🔹 New Tariff Classification for Gold & Silver: Enhancing transparency in trade and facilitating better tracking of imports.
The budget also places significant focus on skilling and growth, reinforcing the government’s “Make for India, Make for the World" vision. These initiatives will enhance job creation, strengthen India’s jewellery manufacturing ecosystem, and position the country as a global leader in the industry.
> “The reduction of jewellery duty from 25% to 20% is a welcome move that will drive domestic demand, especially in the luxury segment. The sharp cut in platinum findings duty from 25% to 5% is a bold and positive step that will benefit the entire industry."
— Rajiv Popley, Director, Popley Group
The Group appreciates the government’s forward-looking vision, which will encourage consumer spending, enhance business efficiencies, and further solidify India’s standing in the .
POPLEY Since 1927
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