National News
GJC Submits Comprehensive Pre-Budget Recommendations for Union Budget 2026–27
Calls for GST Rationalisation and Measures to Boost Formalisation & MSME Growth in Gems & Jewellery Sector
All India Gem & Jewellery Domestic Council (GJC), the apex body representing India’s domestic gems and jewellery trade, submitted its detailed pre-budget recommendations to the Hon’ble Finance Minister Smt. Nirmala Sitharaman for consideration in the Union Budget 2026–27.
The representation focuses on five core pillars:
- GST reforms to restore affordability and eliminate working capital blockage
- Direct tax relief on unrealised inventory appreciation due to gold price surge
- Strengthening formalisation and consumer protection through policy clarity
- Operationalisation of the long-pending Tourist GST Refund Scheme
- Sector-specific measures to mobilise idle gold, deepen digital payments, and support MSMEs
Key recommendations include:
Reduction of GST on gold & silver jewellery from 3% to 1.25% (or a uniform 1.5% across the sector) on revenue neutral / equivalence ratio to offset inflation-driven tax burden and revive middle-class and rural demand.
Refund of accumulated ITC on input services or reduction of GST on key input services (rent, security, logistics, etc.) from 18% to 5% to correct inverted duty structure.
Clear circular affirming 5% GST on jewellery job-work services to protect karigars and prevent field-level harassment.
One-year deferral of income tax on unrealised inventory appreciation caused by gold price rise in FY 2025–26, without interest.
Exemption from capital gains tax on exchange of hallmarked jewellery when proceeds are reinvested in new jewellery.
Immediate operationalisation of the Tourist GST Refund scheme at major airports to boost inbound tourism retail spending.
Simplified compliance for MSME jewellers, including higher turnover thresholds for returns and protection from duplicate notices post-audit.
Policy framework for digital gold, rationalised MDR on credit card transactions, and introduction of formal EMI for hallmarked 22-karat jewellery.
The submission emphasises to strengthen India’s position as a global jewellery hub while aligning with national goals of Atmanirbhar Bharat, Make in India, and Viksit Bharat @2047.

Rajesh Rokde, Chairman, All India Gem & Jewellery Domestic Council (GJC) said: “The sharp rise in gold prices has multiplied the absolute GST burden on consumers and created severe working capital stress for jewellers, even though no policy change has occurred. Our recommendations are not for concessions but for restoring proportionality, liquidity and fairness.
A modest GST reduction, together with relief on notional inventory gains and job-work clarity, will bring millions of transactions back into the formal economy, protect karigar livelihoods, and make jewellery once again an accessible savings asset for Indian households. We are confident that the Hon’ble Finance Minister will consider these practical, calibrated reforms in the upcoming Budget.”

Avinash Gupta, Vice Chairman, GJC added: “Our sector is deeply committed to formalisation, transparency and digital transformation. By operationalising the Tourist GST Refund Scheme, enabling EMI for 22-karat jewellery, capping credit-card MDR, and regulating digital gold, we can significantly enhance traceability, boost tourism-linked exports, and bring younger consumers confidently into the organised market.
These steps will also help reduce India’s reliance on imported bullion over time by mobilising domestic gold through transparent banking channels. We stand ready to partner with the Government to implement these changes smoothly and effectively.”
The council remains committed to partnering with the government to drive transparency, formalization, and consumer trust, ensuring the sector’s contribution to India’s economic and cultural legacy.
National News
Platinum Guild International India Announces The 2026 Edition Of ‘Platinum Season Of Love’
Running From 17th April to 31st May 2026, A Nationwide Activation Celebrating Platinum’s Rarity
Platinum Guild International (PGI) – India announces the launch of Platinum Season of Love 2026, its signature nationwide retail activation set to run from 17th April to 31st May 2026 across jewellery stores in India. A key strategic initiative in PGI India’s annual calendar, the programme is designed to drive consumer demand and retail momentum for platinum jewellery across key branded segments, in collaboration with PGI’s trusted retail partners, as they usher in the summer season, marked by special occasions and weddings.
With a curated collection of exquisitely crafted platinum jewellery pieces across Platinum Evara, Men of Platinum and Platinum Love Bands, this retail initiative will serve as a catalyst to boost platinum jewellery growth during the period. The initiative will help shoppers discover why platinum stands apart as a rare precious metal of enduring value. This year, it is complemented further by a consumer-facing campaign for Men of Platinum, featuring brand ambassador MS Dhoni, built around the thought of ‘Chosen by Mahi’. The campaign celebrates men of rare character—those who choose with intent and never compromise—making platinum their natural choice. As an icon known for his quiet strength, authenticity and enduring appeal, Dhoni reflects the very qualities that define platinum. The campaign reinforces a clear idea: a man of character chooses a rare metal of enduring value.
At the retail point, Platinum Season of Love 2026 will showcase a curated mix of platinum jewellery across PGI India’s branded categories, including:
- Men of Platinum, featuring statement platinum jewellery for men
- Platinum Evara, with finely crafted platinum jewellery designs for the women of today
- Platinum Love Bands, which celebrate modern love and commitment
Together, these categories showcase platinum’s rarity, emotional significance, and modern relevance—encouraging consumers to choose a metal that is not only precious, but distinctly rare.
Crafted in 95% pure platinum, PGI’s branded platinum jewellery collections continue to resonate with younger Indian consumers.
Vaishali Banerjee – Head of Global Market Development and Managing Director – India & Middle East, Platinum Guild International, said:

“Young Indian consumers today are increasingly drawn to jewellery that reflects who they are—making rarity, meaning and self-expression more important than ever. Platinum is uniquely placed to meet this need. With Platinum Season of Love, we are translating this insight into a focused retail programme that drives both consumer value and category growth, in close collaboration with our retail partners. We deeply value their continued trust and support, which play a critical role in bringing the platinum story to life across markets.”
With strong retailer participation, Platinum Season of Love 2026 is set to deliver another high-impact season for platinum jewellery in India.
Sharing their thoughts on the upcoming Platinum Season of Love, leading retailers shared:
Rajesh Kalyanaraman, Executive Director- Kalyan Jewellers –
“Platinum Season of Love has consistently been a strong retail platform to build visibility and excitement for platinum jewellery. Platinum’s coveted preciousness is rooted in its rarity, making it a relevant offering for today’s discerning buyer. With Men of Platinum led by MS Dhoni, alongside Platinum Evara and Platinum Love Bands, we see this activation as a strong opportunity to deepen consumer engagement and drive greater appreciation for platinum across categories.”

G. R. Radhakrishnan, Managing Director, GRT Jewellers –

“Retail programmes such as Platinum Season of Love play an important role in driving consumer awareness and consideration at the point of sale. The rarity of platinum builds intrinsic value in a way that is easy for consumers to understand and connect with. With a well-rounded category presence across Men of Platinum, Platinum Evara and Platinum Love Bands, the activation is well poised to create strong interest and engagement in store.”
Dr Joy Alukkas, Chairman and Managing Director, Joyalukkas Group –
“Platinum Season of Love presents platinum as a strong and contemporary proposition for today’s market. Through the coming together of Men of Platinum, Platinum Evara and Platinum Love Bands, the programme creates a cohesive retail story that speaks to diverse consumer preferences and occasions. It offers a meaningful way for consumers to connect with the metal, while underscoring platinum’s rarity, modernity and enduring appeal.”

Suvankar Sen – MD & CEO, Senco Gold & Diamonds –

“Platinum Season of Love has emerged as an important retail intervention for the category. Platinum, being 30 times rarer than gold, gives the consumer a strong, memorable entry point into the category. Supported by the star power of MS Dhoni for Men of Platinum and complemented by Platinum Evara and Platinum Love Bands, the activation is expected to create strong traction and reinforce platinum as a rare and meaningful choice.”
Milan Shah, Director- Kalamandir Jewellers –
“Platinum Season of Love beautifully captures what makes platinum truly special—its rarity and its enduring value. In our experience, consumers are increasingly drawn to jewellery that carries both meaning and distinction, and platinum answers that need exceptionally well. Strong in-store storytelling, supported by Men of Platinum, Platinum Evara and Platinum Love Bands, will help create a sharper emotional and aspirational connect at retail.”

Dr Saurabh Gadgil, Chairman & Managing Director- PNG Jewellers –

“Platinum Season of Love 2026 brings a strong retail proposition to the fore. Its rarity gives consumers a sharper reason to consider platinum, and the retail programme creates strong visibility at the point of sale. With Men of Platinum, Platinum Evara and Platinum Love Bands, the activation is well placed to drive engagement across key consumer segments. We see this as a meaningful opportunity to build momentum for the category.”
Varghese Alukka, Managing Director, Jos Alukkas Jewellery -
“Consumers today are looking beyond ornamentation; they are seeking meaning, individuality and lasting value in what they choose. That is where platinum holds a special place. Platinum Season of Love 2026 places the precious metal’s rarity at the centre, translating it into a strong retail experience. We are confident that this programme will help elevate platinum’s desirability and encourage more consumers to explore the category during the activation period.”

Paul J Alukka, Managing Director, Jos Alukkas Jewellery –

“Platinum Season of Love puts a clear and differentiated consumer story at the centre of retail. Platinum, being 30 times rarer than gold, is a powerful message, and one that adds to its precious appeal. The activation is expected to strengthen consumer consideration and support stronger traction in-store. It is a strong platform for driving both visibility and conversion.”
John Alukka, Managing Director, Jos Alukkas Jewellery -
“Platinum Season of Love 2026 presents platinum in a way that feels modern, meaningful and commercially relevant. The focus on rarity gives the metal a strong point of distinction in the consumer mind. Supported by category-led storytelling at retail, the activation is well-positioned to deepen engagement and drive demand. We look forward to a strong season for platinum.”

Amarendra Vummidi, Managing Partner, Vummidi Bangaru Jewellers –

“Platinum Season of Love brings together a strong product story and a clear retail narrative. For the consumer, platinum’s rarity creates immediate impact and distinction. Through Men of Platinum, Platinum Evara and Platinum Love Bands, the programme offers a compelling platform for category growth. We see this as a strong opportunity to drive visibility and consumer interest.”
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