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With no hikes in customs duties or GST, the budget underscores policy stability and strong support for MSMEs, reinforcing the industry’s role in driving employment and exports. Union Budget 2026 emphasizes stability, continuity, and capital expenditure amid global uncertainty.

Guided by the “three Kartavya” framework—growth, empowerment, and inclusivity—it prioritizes CapEx-led development, including seven new high-speed rail corridors. Tax reforms are minimal, focusing on predictability and fiscal discipline, with support for MSMEs through a Rs10,000 crore Growth Fund.

Kirit Bhansali, Chairman, GJEPC, spotlighted reforms like trust-based digital customs, SEZ-DTA concessional sales, no ₹10 lakh courier export cap, advance Bills of Entry, AEO duty deferment, MSME credit via TReDS, duty-free LGD imports till 2028, and a new National Institute of Design. “These strengthen liquidity, exports, design, and global edge,”

Rajesh Rokde, Chairman, GJC, called it a “stable, sensitive approach” with policy certainty, MSME support, ease-of-business measures, and tax reforms, recognizing the sector’s role in jobs and exports.

Avinash Gupta, Vice Chairman, GJC, added it aids sustainable growth via finance access and compliance simplification amid global uncertainties.

Prithviraj Kothari, President, IBJA, MD, RiddiSiddhi Bullions;  noted the budget’s 7% growth focus on MSMEs and governance but highlighted unmet bullion expectations—no gold import duty cuts, GST reforms, or broad export incentives. Capital gains tax exemption on RBI Sovereign Gold Bonds applies only to original subscribers.

Operational improvements dominated the positive feedback:

• Trust-based customs processes and digital appraisals to reduce clearance delays
• SEZ-to-DTA sales at concessional duties, helping utilize idle capacity
• Increased courier export cap to Rs.10 lakh, benefiting MSMEs
• Duty-free imports of lab-grown and sawn diamonds extended until 2028
• Enhanced MSME financing (Rs.10,000 crore Growth Fund, extended duty deferment to 30 days)
• Capital gains tax exemption on Sovereign Gold Bonds (original subscribers only)
• Liquidity through TReDS
• AEO Benefits: The duty deferment period for Authorised Economic Operators (AEOs)— has been extended from 15 to 30 days.

These endorsements signal renewed optimism for the Rs.7 lakh crore gems and jewellery industry, which employs over 50 lakh people and accounts for 7% of India’s total exports. Industry stakeholders anticipate accelerated recovery and innovation in FY 2026–27.