Jewellery Prices To Drop As Budget 2025 Slashes Tariff On Gold And Parts

Budget 2025: The Finance Minister also announced that the customs tariff on platinum findings has been slashed to 6.4 per cent, down from the previous 25 per cent

These updated tariff numbers are expected to make the jewellery prices a little less pocket-heavy for consumers

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Budget 2025: Finance Minister Nirmala Sitharaman announced a reduction in the customs tariff for item code 7113, which covers articles of jewellery and their parts. During her Budget 2025 speech, Sitharaman said that the previously set at 25 per cent, the tariff on jewellery and its parts will now be reduced to 20 per cent, effective February 2, 2025. 

Additionally, the Finance Minister also announced that the customs tariff on platinum findings has been slashed to 6.4 per cent, down from the previous 25 per cent. These updated tariff numbers are expected to make the jewellery prices a little less pocket-heavy for consumers. For a country like India, renowned for its high jewellery consumption, this move is sure to drive increased demand in the domestic market.

Amarendra Vummidi, Managing Partner, Vummidi Bangaru Jewellers, said, “We welcome and commend the government’s efforts to reduce income tax for the middle-class households which would facilitate more savings and also increase their purchasing power. This step will make a positive impact on several industries. The reduction of the Basic Customs Duty on Platinum findings from 25 per cent to 6.4 per cent is a welcome step for the jewellery industry resulting in a drop in the overall cost of platinum while attracting more customers. This inclusive budget with a special focus on investing in people by setting up National Centres of Excellence for skilling with global expertise and partnership will strengthen many industries including the gems and jewellery industry. This initiative of the government is anticipated to strengthen the industry by fostering a skilled workforce equipped with global competencies.”  

“Our economy is the fastest-growing among all major global economies. Our development track record of the past 10 years and structural reforms have drawn global attention. Confidence in India’s capability and potential has only grown in this period. We see the next five years as a unique opportunity to realize ‘Sabka Vikas’, stimulating balanced growth of all regions,” Nirmala Sitharaman said during her Budget 2025 speech.