Agarwal Manoj Nidhi & Associates

🔷 Union Budget FY27: Key Expectations from the Gems & Jewellery Sector 🔷

Ahead of the Union Budget 2026–27, India’s gems and jewellery industry has sought targeted fiscal and procedural reforms to strengthen global competitiveness and ease compliance.
From a professional and advisory perspective, the key demands include:

✔️ Rationalisation of import duties and review of the 4% Safe Harbour tax

✔️ Reduction of GST on gold and silver jewellery to support domestic demand and liquidity

✔️ Customs reforms through risk-based assessments, AI-enabled appraisals, and self-certification

✔️ Direct tax relief on reinvestment of proceeds from hallmarked jewellery

✔️ Early rollout of the Tourist GST Refund Scheme to enhance export-oriented retail sales

A balanced Budget addressing these aspects can improve compliance efficiency, reduce transaction costs, and position India as a global diamond and jewellery trading hub.

📊 Strategic tax reforms will play a crucial role in shaping sustainable growth for this sector.

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