Union Budget 2025-26: Mixed Reactions from the Gem and Jewellery Industry
The diamond and jewellery reacts to Union Budget 2025-26 with mixed views, citing lack of of sector-specific initiatives, but hopeful for growth due to increased disposable income and business expansion.
Union Budget 2025-26: Mixed Reactions from the Gem and Jewellery Industry
The diamond and jewellery industry has reacted to Finance Minister Nirmala Sitharaman’s presentation of the Union Budget 2025-2 in mixed ways. While some stakeholders felt that the budget was disappointing because there were no sector-specific initiatives, others believed it was a step in the right direction towards increasing disposable income and encouraging business expansion.
Abhishek Kajaria, Founder and owner of Avama Jewellers
Abhishek Kajaria said, “This budget has put all emphasis on easing commercial transactions and promoting the expansion of industry.” He claimed that the politics spelled out here would further enhance India’s status as a prime centre for jewelry around the world. To further advance the sector over the long run, Kajaria also pointed out innovation, skill development, and sustainability.
Pratik Dugar, Director of The Indian Gem and Jewellery Creation
Pratika Dugar, expressed disappointment at the lack of reduction in import duty on gold and polished diamonds. “No news is also good news sometimes, and stability allows businesses to operate without disruptions” he said.
Sandeep Soni, Director of Mahabir Danwar Jewellers
Sandeep Soni, noted that the budget did not offer any specific sops for the jewellery sector. However, he welcomed the changes in tax slabs, which he said would provide relief to common people. Soni also expressed hope that the sector would grow significantly in the coming years.
Bharti Bangur, Founder and Owner of Crisnato Jewels
Bharti Bangur, noticed that the continuation of the 6% import duty would keep the status quo in the jewellery sector just the same. She liked the idea of boosting disposable income through tax reforms that would lead to a purchase of fine jewellery by consumers.
However, the Union Budget 2025-26 might not have hel[ped the gem and jewellery industry much, but stakeholders still seem confident about the sector’s future. The industry in constantly transforming, so the budget will contribute further to the promotion of economic growth and development among other goals.
We’re now on WhatsApp. Click to join.
Like this post?
Register at One World News to never miss out on videos, celeb interviews, and best reads.
