Jewellery Sector Demands Duty Rationalization, GST Cut in Budget 2026 Wishlist

• India's gems and jewellery sector seeks rationalization of duties, procedural reforms, and GST reduction in Union Budget 2026-27.
• GJEPC recommends making Indian exports more cost-effective and establishing India as a diamond trading and value discovery center.
• Key suggestions include rationalizing import duties on cut and polished diamonds and colored gemstones, and amending the Customs Act, 1962.
• GJEPC proposes risk-based customs clearance, AI-enabled digital appraisals, and self-certification for trusted exporters.
• GJC advocates reducing GST on gold and silver jewellery from 3% to 1.25% and exempting Capital Gains Tax on hallmarked jewellery exchange.

Why It Matters: The Indian jewellery sector urges significant tax and procedural reforms in Budget 2026 to boost competitiveness and growth.