Government’s New Budget Sparks Optimism in the Jewelry Industry
Statement by Mr. Rakesh Verma
"The latest budget has provided a new direction to our industry by addressing the long-standing demand of the jewelry sector. The reduction of customs duty on gold and silver from 15% to 6% has generated tremendous enthusiasm and positivity within the jewelry community. This move will benefit not only jewelers but also customers, with an expected savings of approximately ₹5000 per 10 gms on gold.
Furthermore, the government has reduced import duties on diamonds and other precious stones, lowering their cost and making high-quality jewelry more accessible to consumers. The decrease in customs rates will further strengthen our industry, offering extensive benefits to both the industry and its customers.
The budget's initiatives to promote technology and innovation are poised to enhance the future of our industry. With immense potential for job creation, this budget will play a significant role in elevating our industry to new heights.
The new economic reforms and financial incentive schemes introduced by the government will provide long-term benefits to our sector. This budget has not only paved the way for the growth of our industry but also contributed to strengthening the economic condition of the entire country. It is truly an excellent and visionary budget."
Rakesh Verma
National President
Bharat Jewelry Export and Domestic Council