On 1 February 2025, Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26. In this budget, some important announcements have been made to provide relief to the jewelery industry. In particular, custom duty has been reduced on jewelery articles and some other items.

Earlier, 25% custom duty was applicable to these, which has been reduced to 20%. In addition, custom duty on platinum findings has been reduced from 25% to just 5%. This change will come into effect from 2 February 2025.

There has been no change in custom duty on gold and silver in the budget, which will not increase any additional burden on common consumers.

Jewelery industry benefits, demand for luxury jewelery will increase

This decision of the government has been welcomed by the jewelery industry.

Jeweler of Chandni Chowk in Delhi, Tarun Gupta says that this decision will increase the demand for luxury jewelery in the domestic market. The government has given priority to middle class consumption, agricultural sector and technology development in this budget, which will give the right direction to the Indian economy.

What will happen with this decision?

Jewelery industry will get strengthened
Export will increase
Demand for jewelery will increase in domestic market
Luxury jewelery will be more cheap

This decision will benefit India’s James and Jewelery Industry and will help in competition in the international market.

Import duty not increased on gold – relief for investors

Many commodity experts hoped that the government could increase import duty on gold, but it did not happen.

Last cut in gold import duty (2024):

On 23 July 2024, the government had reduced import duty on gold and silver from 15% to 6%.

After this deduction, Gold Import led to a tremendous bounce and by August 2024 recorded an increase of 104%.

Many people feared that the government could increase import duty in the budget of 2025, but the government has retained it.

What will be its effect?

Relief for gold buyers
No new obstacle on gold import
Stability will remain in investors and bullion market

Budget 2025’s major impact on the jewelery sector