Consultant photos solely. File | Photograph credit score: Reuters
Amid considerations within the gems and jewelery business over the current hike in customs duties on gold, the All India Gems and Jewelery Nationwide Council (GJC) has urged the business to stay calm and assured. Business leaders stated the business had proven resilience throughout traditionally tough occasions and reaffirmed their assist for the federal government’s broader financial priorities, whereas stressing the necessity for stability and shopper confidence.
GJC Chairman Rajesh Lokde stated, “GJC and the complete gem and jewelery business firmly helps the nation and respects the federal government’s coverage selections taken maintaining in view the bigger nationwide curiosity. We consider that the tariff hike is a short lived and calibrated measure within the present financial state of affairs.”
He stated commerce needs to be performed calmly and confidently as India’s jewelery sector has all the time proven resilience and adaptableness even throughout tough occasions. “GJC will proceed to work intently with the federal government and all stakeholders to make sure stability, shopper confidence and sustained development within the business,” he stated.
“Gold and jewelery are deeply intertwined with India’s financial system, heritage and financial savings tradition. At the moment, it will be significant that the buying and selling fraternity avoids panic and continues to function with confidence and accountability,” stated GJC Vice-Chairman Avinash Gupta. GJC absolutely helps the nation’s bigger financial priorities and stays dedicated to constructive engagement with policymakers to guard the pursuits of artisans, merchants and shoppers, whereas guaranteeing the long-term development and stability of the sector.”
With impact from Might 13, 2026, the Union Authorities has doubled the efficient tax payable on gold and silver imports to a complete of 18.4% from the earlier 9.2%. The announcement was made via two separate notices issued late on Might twelfth.
