On July 25, 2024, the Gem and Jewellery Export Promotion Council (GJEPC) hosted a webinar titled “Analysis of Union Budget 2024 on the G&J Industry.” The event attracted over 200 industry members, reflecting strong interest and engagement.

Vijay Mangukiya, Regional Chairman of Gujarat, GJEPC, expressed gratitude to Finance Minister Nirmala Sitharaman for presenting a budget that addressed many of the industry's key concerns.

Nirav Jogani, Director at RSM Astute Consulttech, provided a detailed analysis of the budget's impact on the gem and jewellery sector. He highlighted positive measures such as the reduction in gold duty, the abolition of the 2% equalisation levy, and the introduction of safe harbour rates for mining companies. Jogani also noted the benefit of penalty relief for non-disclosure of foreign assets up to Rs 20 lakh, effective from October 1, 2024. 

The interactive session allowed participants to ask questions, which were addressed by Jogani and Mangukiya, fostering an informative and engaging discussion.