Mr. Mangesh Chauhan, Managing Director Tanishq, Kalyan Jewellers, Malabar Gold & Diamonds, Senco, Joyalukka

As India finalises Budget 2026-27, the gems and jewellery sector seeks measures that reduce costs, simplify trade procedures, boost domestic demand, and enhance global competitiveness. In a challenging global trade environment, marked by tariff pressures and shifting supply chains. Pragmatic and growth-oriented reforms can have an outsized impact on industry sustainability and employment.

A key priority is rationalising import duties on gold, silver, platinum, coloured gemstones and other essential inputs. Lower duties will ease manufacturing costs, improve pricing for exporters, and help Indian producers compete more effectively in global markets. Simplification of customs procedures through faster clearances, risk-based checks, and digital documentation would reduce delays and lower logistics costs for exporters.

On the domestic front, streamlining GST on jewellery, including a reduction from the current 3 per cent to around 1–1.25 per cent, will lower the cost to consumers, encourage formal sales, and broaden the tax base. There is also a clear industry call for the early rollout of the Tourist GST Refund scheme at major airports, which will help retain luxury retail spending within India. Additional support for skills development, infrastructure in export clusters, and industry formalisation will further strengthen India’s position in global markets. In aggregate, these measures can stimulate domestic demand, safeguard jobs, and sustain export growth amid external uncertainties.