Key highlights of the Union Budget 2025-26 include benefits for the gold, platinum and diamond sectors, investments in skill development, and positive market sentiment. These measures are seen as steps toward realizing the vision of Viksit Bharat. 

Here's what prominent figures from the industry have said:

Vipul Shah, GJEPC

The Government’s stable approach on duties and levies across gem & jewellery products will enhance ease of doing business. The Basic Customs duty rate has been reduced from 25% to 5% on platinum findings classified under 7113 will enable consumers to get a new product and increase affordable jewellery sales. GJEPC welcomes income tax relief incentives to boost consumer demand. Overall, Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India's domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.

Vaishali Banerjee, Platinum Guild International

We sincerely thank the Honourable Finance Minister for presenting a robust budget. The reduction in the customs duty from 25% to 6.4% on platinum findings and the reduction in the tariff rate from 25% to 20% on finished jewellery— is a significant step. We are confident that these measures will stimulate renewed demand and drive growth for platinum in the coming years.

Sachin Jain, World Gold Council

The fiscal budget announced by Finance Minister Nirmala Sitharaman is advantageous for the gold industry as it increases disposable income, encourages spending, and promotes economic growth across various income levels. The omission of TCS above certain limits reduces compliance burdens and enhances the ease of doing business. Creation of Export Promotion Mission, National Manufacturing Mission furthering “Make in India”, the National Centres of Excellence for Skilling encouraging MSME’s and digital public infrastructure ‘BharatTradeNet’ for international trade will support the Indian gold industry and enhance its crucial role in contributing to Viskit Bharat 2047. Simplification and reduction of taxes positively impact the Indian middle class and salaried individuals, while also supporting farmers, businesses, and investments. With a focus on financial empowerment and ease of living, the government aims to foster innovation, artificial intelligence, infrastructure development, and inclusive economic growth. Overall, this consumption-led budget prioritises both investments and spending, with the increase in disposable incomes due to an enhanced tax exemption limit expected to boost overall consumer demand, including that for gold and jewellery.

TS Kalyanaraman, Kalyan Jewellers

The Union Budget 2025-26, presented by Finance Minister  Nirmala Sitharaman has a laser sharp focus on boosting economic growth. With definitive steps in infrastructure investment and key support for agriculture, manufacturing and urban development, there is a deep commitment to continue on the growth momentum. As brands continue their growth in the real Bharat, the Centres of Excellence for Skilling, coupled with global skilling partnerships, will add to the available talent pool. The tax reforms proposed in the Budget will ensure that the consuming class will have enhanced discretionary income in their hands leading to a significant demand stimulus. This Union Budget will definitely energise the market sentiment and is another key step to realising our combined vision of a Viksit Bharat!

Amarendra Vummidi, Vummidi Bangaru Jewellers

We welcome and commend the government’s efforts to reduce income tax for the middle-class households which would facilitate more savings and also increase their purchasing power. This step will make a positive impact on several industries. The reduction of the Basic Customs Duty on Platinum findings from 25 per cent to 6.4 per cent is a welcome step for the jewellery industry resulting in a drop in the overall cost of platinum while attracting more customers. This inclusive budget with special focus on investing in people by setting up National Centres of Excellence for skilling with global expertise and partnership will strengthen many industries including gems and jewellery industry. This initiative of the government is anticipated to strengthen the industry by fostering a skilled workforce equipped with global competencies.

Renisha Chainani, Augmont

With the primary goal of maintaining the growing momentum of Viksit Bharat, the finance minister has announced a populist Union Budget 2025. The budget has established the correct goal to propel India's economy by emphasizing middle-class consumption, the agricultural sector, which will boost rural demand and output, and women and youth, which will propel further growth in India.

The import duties cut/rise on gold and silver have not been announced, as few market participants anticipated. A few significant announcements, nevertheless, will be advantageous for the whole gem and jewellery sector: The Budget included a new tariff line to clearly distinguish imports of gold in bar form from those in other forms, considering the disruption of the market created by imports of platinum alloy. A new tariff line has been established to differentiate precious metals; items that contain 99.9% or more silver by weight, 99.5% or more gold, and 99.0% or more platinum will be categorized under headings 7106, 7108, and 7110, respectively. Additionally, the 25% customs tariffs on gold jewellery items have been lowered from 25% to 20%. Platinum Findings' customs duty has been lowered from 25% to 5% previously. This step will increase demand for high-end luxury gold and platinum jewellery.

Thirdly, the increase in the turnover limit for MSMEs from Rs 250 crore to Rs 500 crore will also enable bullion market participants to expand and prosper. By lifting the IGCR restriction on the import of duty-free LGD (Lab Grown Diamond) seeds, the budget also gave the diamond industry some relief. This will make LGDs even more appealing and stimulate demand for them.