Bullion & diamond leaders view on the budget 2024-25

In the context of interim union budget for 3024-25, Gem & Jewellery (GJ) players’ expressed their assessment on interim budget 2024-25. Amit Pratihari, Vice President, De Beers Forevermark said, amidst the thriving economy, the interim budget conveys an overall positive outlook. The current robust economic conditions in the country have led to increased disposable income, thereby directly boosting consumer purchasing power.

This favorable shift is evident in the jewelry industry, where consumers are inclined towards acquiring items that hold meaning and value, such as Natural Diamonds. The government’s initiative to promote women entrepreneurship is also poised to inspire numerous women to become self-sufficient, fostering self-purchasing capabilities, creating a brighter future.

In the row, Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL) said, this interim budget couldn’t gladden the bullion industry participants, as there were no major announcements related to this industry. The wish list from the bullion industry was very long, like reducing 15% import duties on precious metals, reducing 3% GST, exempting Capital Gain Tax on gold jewelry sales, GST refunds to NRIs, simplifying TCS and TDS rates, etc. All taxes and duties remain in status quo until the next budget.

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