National News
Budget is pushing gold-related policy suggestions into focus.
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget on February 1, the “yellow metal” has shifted from a traditional household hedge to a high-stakes policy challenge. With global gold prices flirting with the $5,000/oz milestone and domestic rates hitting unprecedented highs of Rs.1.5 lakh per 10 grams, the government faces a delicate balancing act between consumer relief and macroeconomic stability.
1. The Import Duty Tug-of-War
The 2024 decision to slash basic customs duty from 15% to 6% was a landmark move that successfully halved gold smuggling cases. However, the 2025-26 price rally has effectively wiped out those gains for the end consumer.
- The Argument for a Cut: Industry bodies are pushing for a further reduction (potentially to 4%) to align domestic prices with global benchmarks. Proponents argue this would further formalize the market and boost the competitiveness of India’s gem and jewellery exports.

- The Revenue Constraint: While a duty cut helps consumers, the government must weigh this against a widening Current Account Deficit (CAD). With gold import values rising 16% year-on-year (reaching ~$51 billion), further slashing duties could inadvertently encourage higher dollar outflows.
2. Monetizing “Idle” Wealth
A core theme emerging for Budget 2026 is the transition from physical to digital gold. Indian households hold an estimated $4 trillion in gold—nearly matching the nation’s GDP.
- Sovereign Gold Bond (SGB) Revival: There is significant pressure to relaunch SGB tranches. These bonds are seen as a “win-win”: they provide the government with capital without the physical import burden, while offering investors tax-free capital gains and interest.

- Tax Parity: Experts are calling for a unified tax structure. Currently, Gold ETFs become “long-term” after 12 months, whereas physical gold and gold mutual funds require 24 months. Correcting this disparity could be a key “Viksit Bharat” move to integrate gold into the formal economy.
3. The Industrial & Geopolitical Context
Unlike previous years, the 2026 budget is set against a backdrop of unique global pressures:
- Safe-Haven Rush: Geopolitical tensions and US rate cuts have driven a 67% price surge in 2025.

- Currency Volatility: A weaker Rupee has amplified global price hikes, making gold significantly more expensive for Indian buyers compared to international spot rates.
National News
Indriya, Aditya Birla Jewellery, Curates Exclusive Gold, Heirloom-Inspired and Temple Craftsmanship For House Of Masaba’s Bridal Showcase At India Couture Week
Handcrafted By Master Artisans, Delivers On Enduring Expressions Of Culture and Artistry Through Reimagining How Traditions Are Worn For The Contemporary Bride
Indriya, Aditya Birla Jewellery, unveiled an exclusive jewellery curation for House of Masaba’s bridal showcase at India Couture Week 2026. Marking House of Masaba’s first-ever bridal couture showcase, the collection celebrated a bride who is fearless, joyful and unapologetically herself, rooted in heritage yet free in expression. Complementing this vision, Indriya brought together a thoughtfully curated selection of jewellery that reflected both India’s rich craftsmanship traditions and contemporary design sensibilities. Backed by the trust of the Aditya Birla Group, the brand showcased how heritage-inspired creations, modern silhouettes and evolving design expressions can come together for today’s consumer. The runway was further elevated by an iconic line-up featuring supermodels Madhu Sapre, who returned to the India Couture Week runway after nearly a decade, alongside Carol Gracias, Sheetal Mallar and Sakshi Sindwani, each bringing the collection to life through their distinctive presence.






Themed around reimagining how traditions are worn, the exclusive curation featured some of Indriya’s most exquisite jewellery, inspired by the country’s diverse cultures and regional design languages. From classic yellow gold and heirloom-inspired antique jewellery to temple jewellery adorned with intricate nakshi work, Rajasthan’s iconic aads, delicate filigree craftsmanship, ceremonial maang tikas and vibrant coloured stones set in gold, the curation also reflected Indriya’s contemporary design language through versatile creations crafted for modern tastes and lifestyles. Styled with House of Masaba’s bridal creations, where heritage, colour and individuality take centre stage, the jewellery became a natural extension of the show’s narrative, celebrating Indian craftsmanship through a distinctly contemporary lens.
Speaking about the collaboration, Shantiswarup Panda, Head of Marketing at Indriya, said:

“Fashion and jewellery have always shared a powerful dialogue, each elevating the other. Our collaboration with House of Masaba at India Couture Week brought together two distinct creative visions rooted in Indian heritage, offering Indriya the opportunity to present its design philosophy within a larger cultural conversation, where craftsmanship, creativity and contemporary expression come together.
The collection provided the perfect canvas for our jewellery, demonstrating how India’s rich jewellery traditions continue to evolve while remaining deeply relevant to the modern consumer.”
Every creation was handcrafted by master artisans using techniques refined over generations. Intricate detailing, exceptional stone setting and thoughtfully crafted motifs transformed each jewel into an enduring work of art. Styled with House of Masaba’s contemporary bridal silhouettes, the collection reimagined traditional jewellery beyond conventional occasions, revealing its versatility and relevance for the modern bride.
Designer Masaba Gupta said:
“I’m very excited to bring on Indriya as the jewellery partner for my first couture show. I think that the brand is at the perfect cusp of tradition and modernity. I have seen some of the pieces and instantly feel like they will belong not just on the runway but also in our wardrobes and as part of our personal collections. The jewellery is exquisitely crafted and has a lot of storytelling, and I think that the brand is very loud and proudly Indian, which I love and which is what House of Masaba stands for.

It is also a brand that has been able to ignite a lot of trust within the market because it comes from the Aditya Birla Group, and I think when it comes to fine jewellery and bridal jewellery, it’s very important to have that trust, and I think that they do that beautifully,”
Speaking about the jewellery curation, Abhishek Rastogi, Head of Design at Indriya, said:

“For House of Masaba’s showcase at India Couture Week, Indriya brought together a curation that celebrates the breadth and richness of Indian jewellery craftsmanship. Every creation reflects the artistry of master craftsmen, where generations-old techniques, intricate handwork and regional traditions come together in timeless design. Styled with contemporary couture, the collection reaffirms that India’s finest jewellery traditions are not simply preserved, they continue to evolve, proving that heritage remains an enduring source of inspiration for modern design.”
With this exclusive showcase at India Couture Week 2026, Indriya and House of Masaba presented a celebration of contemporary Indian bridal expression. Bringing together House of Masaba’s vibrant, heritage-inspired vision for the modern bride and Indriya’s curation of exceptional regional jewellery craftsmanship, the collaboration demonstrated how tradition can be continuously reinterpreted through fashion and jewellery. Together, the two brands created a powerful narrative of culture, individuality and artistry, honouring India’s rich creative legacy while shaping its future.
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