Union Budget increases in disposable income

Boost consumer spending & drive demand for jewellery 

Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council (GJC), commented, “The reduction in personal income tax rates, along with the tax exemption limit raised to Rs12 lakh, is a positive move that will significantly boost consumer spending and drive demand for jewellery.  

This increase in disposable income is expected to particularly benefit the gold and branded jewellery sectors. Additionally, the abolition of TDS and TCS on high-value transactions above Rs50 lakh will streamline operations, ease compliance burdens, and bring more transactions into the formal, hallmarked market. These reforms will foster transparency, trust, and sustainable growth in the jewellery industry."

Avinash Gupta, Vice Chairman GJC, said, "The reduction in personal income tax rates is a welcome move as it will enhance disposable income, leading to increased consumer spending, including in the jewellery sector. Additionally, the eradication of TDS and TCS on specific goods purchases and sales above Rs50 lakh will significantly ease compliance burdens for jewellers and bullion dealers, fostering a more seamless and efficient business environment. These measures will collectively boost industry growth and strengthen consumer confidence."