GJC Praise the Union Budget & welcome Viksit Bharat!

The customs duty reduction to benefit domestic jewellery manufacturers 

In the Reaction, All India Gem & Jewellery Domestic Council (GJC) officially said on the Union Budget 2024-2025 that presented by Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman! 

In the row, Saiyam Mehra, Chairman, GJC said, "The reduction in the basic customs duty on gold and silver to 6% and on platinum to 6.4% is a commendable move by the government. This was a long-standing demand from the All India Gems & Jewellery Domestic Council, which represents the entire gems and jewellery industry. 

The customs duty reduction will benefit domestic jewellery manufacturers, especially small and medium enterprises, encouraging them to transition gradually to the formal channel. Additionally, the Finance Minister has also increased the scope of working capital loans to SMEs and MSMEs, which will help these units expand their businesses in the future. 

The extension of the direct benefit transfer scheme to the manufacturing sector, with separate salary and Employees’ Provident Fund transfers directly to the accounts of employers and employees, is a wonderful move. This will accelerate employment generation in India.  

Overall, this budget has focused on 9 key priorities of Viksit Bharat and we are proud to witness it." 

Rajesh Rokde, Vice Chairman, GJC commented, “We admire Finance Minister Nirmala Sitharaman ji’s Union Budget presented today, which stands out in several ways. Notably, after persistent efforts from GJC, the government has reduced customs duties on gold and silver to 6 % and on platinum to 6.4%. 

This move will provide significant relief to consumers who have been investing in alternative assets, encouraging them to return to gold investments. We are confident that household investment and savings in India will see an increase in the coming days. 

Additionally, the expansion of working capital loans for SMEs and MSMEs in the jewelry sector will provide a much-needed boost. The increase in the personal income tax exemption limit will also benefit consumers and promote household savings. Overall, the Union Budget 2024 is commendable.”