Pre-Budget Quote on Jewellery sector by Sumit Dassani, Partner, Dassani Brothers
Below the Pre-Budget Quote on Jewellery sector by Sumit Dassani, Partner, Dassani Brothers
The Union Budget 2025-26 presents an opportunity for the government to empower the jewelry sector, which contributes nearly 7% to India's GDP and employs over 5 million people, as per the Gem and Jewellery Export Promotion Council (GJEPC). A reduction in the current 10.75% import duty on gold could significantly enhance affordability for consumers, boost domestic demand, and curb unregulated trade, which remains a pressing concern for the industry. Additionally, as per the World Gold Council, India is responsible for nearly 27% of global gold demand, yet we continue to face competitive challenges in the international market. Policy reforms such as easing GST rates on precious metals and streamlining compliance norms for exports can bolster our global standing and encourage greater participation from smaller businesses and artisans. Moreover, with the global luxury market expected to grow at a compound annual rate of 5-6% through 2027 (according to Bain & Company), we must position India as a leading destination for high-value, handcrafted jewelry. Initiatives like skill development programs for artisans and incentives for sustainable and innovative practices in the sector can further drive this vision. At Dassani Brothers, we remain committed to preserving the legacy of handcrafted heirloom jewelry while embracing modern trends and sustainability. We hope this year’s budget paves the way for growth, affordability, and innovation in the jewelry sector, ensuring that India continues to shine as a global leader in fine craftsmanship.
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