Budget 2025 Custom Duty Reduced on Jewelery and Parts will boost buying of Gold Platinum Jewelery | Budget 2025: Just stop a little to buy jewelery, custom duty decreased in the budget

Budget 2025: Finance Minister Nirmala Sitharaman has presented the country’s budget on 1 February and big announcements were made on the income tax exemption to the capax in its allans. Apart from this, Finance Minister Nirmala Sitharaman has reduced the custom duty on the jewelery article and some luxury items with it. The Finance Minister has announced to reduce 25 percent custom duty on jewelery articles to 20 percent. Due to reduced custom duty in the budget, parts made of imported jewelery and precious metals will be cheaper.

According to the budget document of FY 2025-26 presented on Saturday, basic custom duty has been reduced on jewelery articles, parts and goods of gold and silver utensils. Finance Minister Sitharaman has proposed to reduce the import duty on platinum findings from 25 percent to five percent. However, it has announced an agricultural infra and development cess of 1.4 percent on platinum fidows.

The James and Jewelery Industry has welcomed the custom duty deduction on platinum findings. The government has also proposed a separate HS code for platinum and gold mixed metals.

What do industry experts say

Managing director of Cama Jewelery Colin Shah Said that “countries like India are known for their high jewelery consumption, in such a situation, this step will definitely increase demand in the domestic market, especially in the luxury segment.” He said in the statement that the provision of a separate HS (harmonized system) code for platinum and gold alloys is another positive step that will prevent disturbances.

Regional CEO of World Gold Council, India, Sachin Jain Said that the budget announced by Finance Minister Nirmala Sitharaman is beneficial for the gold industry. Jain said that overall, it gives priority to both consumption-based budget investment and expenditure, the increase in expenditureable income due to increased tax exemption limit is expected to promote overall consumer demand including gold and jewelery.

GJEPC chairman Vipul Shah Said that the council welcomes the proposal to create new tariff items in chapter 71 so that under 7106, 7108 and 7110 titles respectively, 99.9 percent or more weighing silver, gold and 99 percent weighing gold and 99 percent or more. Weighing platinum -containing precious metals can be separated.

He said that this step is in line with the representation made by the GJEPC to address the issue of classification of alloys of platinum (which is primarily gold), due to which the Indo-UAE CEPA (Comprehensive Economic Partnership Agreement) Improper custom duty exemption was being claimed for import of of.

Expert’s statements were taken from PTI

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