UNION BUDGET 2024: GEM AND JEWELLERY INDUSTRY CONCERNS NOT ADDRESSED

In her final outing before the polls, Finance Minister Nirmala Sitharaman presented a budget which held no major surprises.

Notably, the Budget 2024-25 did not address the critical concerns of the gems and jewellery Industry. There is no reduction in the custom duty on gold. In fact, the government has increased the import duty on gold and silver findings, as well as on precious metal coins, from 11% to 15%, effective January 22. This adjustment aligns these items with the duties on gold and silver bars.

Reacting to the budget, Vipul Shah, chairman, GJEPC, said, “The Gem & Jewellery Export Promotion Council welcomes Union Finance Minister Nirmala Sitharaman’s announcement to make our country Viksit Bharat by FY2047. For gem and jewellery exporters, the recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game-changer for India, and others. Just as the CEPA trade agreement has increased jewellery exports to the Middle East, we welcome bilateral trade agreements with European countries and others to boost gem and jewellery exports.”