Editor’s Note
This article highlights the gems and jewellery industry’s positive reception of the Union Budget, which it views as a growth-oriented plan addressing key sectoral challenges.
Budget 2026: Industry Welcomes Positive and Growth-Oriented Budget
The gems and jewellery sector welcomed the Union Budget on Sunday, describing it as positive and growth-oriented, stating that it addresses key bottlenecks and provides new momentum to the industry.
Customs Reforms to Strengthen the Value Chain
“We thank the government for a positive, growth-centric budget that addresses key bottlenecks and provides new momentum to India’s gems and jewellery sector. It improves cash flow, supports manufacturing, and strengthens exports in the value chain,” said Kirit Bhansali, Chairman of GJEPC.
Boost for Exports and E-commerce
The GJEPC welcomed the customs reforms in the Union Budget.
“Trust-based processes, digital valuation, and simplified approval processes will reduce delays and costs. We also appreciate the limited sale from SEZs to the domestic tariff area at concessional duty rates. This will enable factories to utilize idle capacity, protect jobs, and strengthen business amidst US tariff and global demand uncertainties,” said Bhansali.
He added that the removal of the ₹10 lakh limit on courier exports is a major boost for e-commerce.
Industry Relieved by No Tax Increase
“The Union Budget 2026-27 reflects a stable and sensitive approach towards the gems and jewellery industry. The absence of any increase in customs duty or GST, continued policy certainty, strong MSME and cluster support, ease of doing business measures, and litigation-reducing income tax reforms together provide confidence to business,” said Rajesh Rokade, Chairman of the All India Gem and Jewellery Domestic Council (GJC).
“SEZ reforms – primarily the introduction of a special one-time facility for SEZ units to supply to DTA at concessional duty rates – is a welcome step,” said Colin Shah, Founder and MD of Kama Jewellery.