GJC welcomes budget, cites stability and policy support for jewellery sector

The All India Gem and Jewellery Domestic Council (GJC) has welcomed the Union Budget 2026, saying it provides stability, policy certainty, and confidence to the gems and jewellery industry.

Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2026 in the Parliament on Sunday, February 1, also laid out government expenditure and taxation plans that will directly impact the daily lives of the citizens and businesses across India. 

Speaking on the Union Budget 2026, GJC Chairman Rajesh Rokde said the government has taken a balanced and sensitive approach towards the sector. He noted that there has been no increase in customs duty or GST, which brings much-needed relief to the trade.

An official statement said that Rokde said the continuation of policy certainty, strong support for micro, small and medium enterprises (MSMEs), ease-of-doing-business initiatives, and income-tax reforms aimed at reducing litigation will help the industry plan for the future.

He added that these measures show the government’s recognition of the gems and jewellery sector as a major contributor to employment, exports, and overall economic growth.

Positive for jewellers

GJC Vice Chairman Avinash Gupta also welcomed the budget, calling it positive for jewellers across the value chain. He said the absence of higher customs duties, along with better access to finance for MSMEs and simplified income-tax compliance, will help businesses operate with greater confidence.

Gupta added that the focus on ease-of-doing-business and financial support will allow jewellers to concentrate on sustainable growth, especially at a time when global economic uncertainties continue to affect trade.

Both leaders said the budget creates a stable environment for the gems and jewellery industry and supports long-term growth without adding new tax burdens.

Customs simplified, duties slashed

Union Budget 2026 also focuses on reforms across customs, indirect taxes and direct tax rationalisation, along with targeted incentives for cooperatives and the IT sector, aim to simplify compliance, ease regulatory burdens, and enhance overall competitiveness.

Customs procedures are set to become faster and more efficient through greater use of digitalisation and artificial intelligence. Exporters and industries will benefit from duty exemptions and extended compliance timelines, while individuals gain relief through lower tariffs, exemptions on essential medical imports, and simpler mechanisms for dispute resolution.

Taken together, these measures reflect a balanced and forward-looking approach -- supporting economic growth, promoting innovation, and making the tax system more transparent and citizen-friendly.