Budget 2023: Jewellery Industry Pins Hopes On Export Measures

With Union Budget 2023-24 around the corner, 2023- 24, the Jewellery industry has pinned its hopes on measures to push exports in the forming coming budget and generate more jobs.

Colin Shah, MD, Kama Jewelry says, "The industry is pinning its hope on the forthcoming Budget to push exports and generate jobs in the sector. Customs duty cut on gold and a progressive repair policy for jewelry will help the sector immensely. We are also very hopeful that there will be presumptive taxation on our special notified zones for rough diamonds and abolition of duty on the seed used for lab-grown production."

Gold rates have surged in the latter half of 2022 and a reduction in tariffs on imported gold could make gold prices cheaper. However, one has to wait and watch to see whether there are any sops for the jewellery industry.