Modi Govt May Offer Gold Buyers Relief: EMI or Price Drop Expected in Budget

• The gems and jewelry industry seeks policy support in the Union Budget 2026-27 to address rising costs, weak demand, and global competition.
• Key demands include reducing import duties on raw materials like gold, silver, platinum, and gemstones to lower production costs and boost exports.
• The industry also calls for simplified customs procedures with faster clearance and digital documentation to reduce logistics costs and improve delivery times.
• A reduction in GST on jewelry from 3% to 1-1.25% is sought to lower prices, encourage formal purchases, and expand the tax base.
• Other proposals include controlled EMI options for small gold purchases, regulations to bring domestic gold into the formal economy, skill development, and a tourism GST refund scheme.

Why It Matters: The gold industry expects significant policy changes in the upcoming budget to boost demand and competitiveness.