Ahead of Budget 2026-27, gems and jewellery industry seeks duty rationalisation and GST relief
Industry bodies representing India’s gems and jewellery sector have urged the government to cut duties, reform procedures and consider GST rationalisation in Budget 2026-27. The pitch aims to boost export competitiveness and reduce cost pressures amid challenging global demand and pricing volatility.
MUMBAI: With the Union Budget 2026-27 approaching, India’s gems and jewellery industry has submitted a fresh set of demands, calling for duty rationalisation, procedural reforms and GST relief to improve competitiveness in exports and domestic manufacturing.
Industry representatives say the sector is facing a difficult trade environment, with margin pressures and global uncertainty affecting both demand and pricing. Their argument is that policy fine-tuning can make Indian exports more cost-efficient and reduce friction across the value chain.
Among the key asks is a review of import duties that add to input costs, alongside changes that would simplify processes for exporters. The broader thrust is to position India as a stronger hub for value discovery and trading in diamonds and jewellery, rather than only a manufacturing base.
The sector also wants the government to address tax-related concerns, including GST rationalisation, to support growth and sustain employment in an industry that spans artisans, MSMEs, large exporters and retail brands.
As policymakers balance revenue needs with growth priorities, the jewellery industry hopes Budget 2026-27 will offer targeted relief that improves predictability and keeps India competitive against other manufacturing and trading centres.