India’s Jewellery Industry hopes Union Budget 2025 will provide tax to boost consumption

One of the most pressing concerns for the jewellery industry is taxation, and industry leaders are urging the government to introduce tax relief measures that will boost disposable incomes and drive consumption.

Jewellers also advocate for reforms in the gold monetization scheme to encourage households to mobilize idle gold; and allow reputed retail jewellers to participate in the scheme which will reduce the country’s gold import bill and improve the current account deficit.

From reducing import duties to strengthening export incentives and enhancing technological adoption, industry leaders have outlined a clear roadmap for unlocking the sector’s full potential.

India is poised to become a global leader in the interventions that can accelerate this transformation. By balancing tradition with innovation, the upcoming budget has the potential to shape a glittering future for India’s jewellery sector, benefiting consumers, businesses, and the economy at large.

The Indian jewellery industry now awaits the Union Budget 2025, with optimism that the government will address critical challenges and introduce policies that support sustainable growth.