Jewelry Industry Demands Import Duty Cut in Budget 2026 Amid Record Gold-Silver Prices

• Gold and silver prices have hit new records, with gold near ₹160,000/10g and silver near ₹340,000/kg in the domestic market.
• The jewelry industry is urging the Finance Minister to reduce gold import duty from 5% to 3% to counter a 25-26% drop in imports and reduce the arbitrage gap.
• Demands include opening SEZs for domestic sales, increasing the purchase limit from ₹2 lakh to ₹4 lakh, and introducing a Gold Circulation Scheme.
• The industry also seeks a reduction in GST on jewelry from 3% to 1% and simplification of export rules.
• Calls for regulation of digital gold by SEBI or RBI and a reduction in silver import duty from 6% to 3% to boost demand.

Why It Matters: The jewelry industry seeks significant relief in Budget 2026, including import duty cuts and regulatory reforms.