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
Senco Gold & Diamonds Partners With Olocker to Give Customers Free Jewellery Insurance, Letting Precious Memories Be Worn, Not Hidden Away
A Customer-First Initiative Designed to Help People Wear Their Precious Memories with Confidence.
Senco Gold & Diamonds, one of India’s most trusted jewellery houses, has partnered with Olocker, India’s first dedicated jewellery insurance platform, to offer free jewellery insurance to its customers, protecting purchases against risks such as snatching, robbery, and housebreaking.
On the surface, it’s a simple value-add: buy jewellery from Senco, get it insured, at no extra cost. But the thinking behind it is more personal — the freedom to actually live with the things you love.
There is a quiet ritual that plays out in homes across India every wedding season, every anniversary. A piece of jewellery is bought with love, worn once or twice with pride — and then, almost apologetically, tucked away in a bank locker for “safekeeping.” The very thing meant to be cherished ends up spending most of its life in the dark.
A Locker Is No Place for a Memory
Ask any family that owns fine jewellery, and you’ll hear the same quiet anxiety: the fear of stepping out wearing something precious, the fear of a break-in while the house is empty. For many, the solution has always been the same — lock it away, take it out only for weddings and festivals, and let it sit untouched the rest of the year.
It’s a practical response to a real risk, but it also means jewellery bought to mark a marriage or a milestone ends up being seen far less than it deserves.
This is the exact problem Senco Gold & Diamonds’ Managing Director, Suvankar Sen,

has spoken about wanting to solve. Known for a customer-first philosophy that goes beyond transactions, Sen has often said jewellery should be something people live with, not something they merely own. “Jewellery is never just metal and stone,” Sen said, explaining the thinking behind the Olocker partnership. “It’s a wedding day, a mother’s blessing, a promise kept. When customers can’t step out wearing it, or can’t leave home without worrying about a break-in, something is broken in that experience. We wanted to fix that.”
That sentiment is the quiet engine behind this initiative. Rather than simply selling jewellery and stepping back, Senco has chosen to walk the extra mile — ensuring that once a customer takes a piece home, they can wear it freely and pass it down through generations, without the constant undercurrent of worry.
What the Partnership Actually Offers
Through this collaboration, Senco customers receive free jewellery insurance via Olocker on qualifying purchases, protecting against snatching, robbery, and housebreaking.
Olocker, India’s first digital platform dedicated to jewellery insurance and asset tracking, brings the technical and insurance backbone — while Senco brings its decades of trust, built since 1938, to make sure customers actually use it.
For a family that has just bought a piece for a wedding, this means peace of mind — wearing that necklace to a dinner without the nagging thought of “what if someone snatches it,” or “what if someone breaks in while we’re away.”
A Partnership Built on Shared Intent
The excitement isn’t one-sided. At Olocker, the partnership is seen as validation of the idea the platform was built on — that jewellery insurance should be a natural, everyday companion to ownership, not a niche afterthought.
“This is genuinely one of the most exciting collaborations we’ve been part of,” said Milind Shethia, Founder & Chief Marketing Officer at Olocker. “Our mission has been to help people wear their jewellery instead of locking it away, and partnering with a name as trusted as Senco brings that mission to millions of customers at once.
What’s heartening is Mr. Sen’s own approach — he didn’t look at it as a marketing tie-up, but as giving something back to people who’ve trusted Senco for generations. That kind of intent is rare, and it’s exactly the spirit we built Olocker around.”
That mutual sense of purpose is what gives this partnership its quiet credibility. It isn’t a scheme or a promotional hook, but two organisations agreeing on a simple, shared belief: jewellery should be lived in, not locked up.
A Bigger Idea About Ownership
There is a broader philosophy at play, one Suvankar Sen has championed throughout his tenure at Senco — that jewellery is an emotional asset as much as a financial one, and customers shouldn’t have to choose between enjoying it and protecting it.
This partnership feels less like a marketing initiative and more like a promise kept, reflecting a leadership style that measures success in something harder to quantify — how cared for a customer feels long after leaving the showroom.
As jewellery increasingly doubles as adornment and investment, initiatives like this one may well set a new benchmark for customer care in the industry.
Senco, through its partnership with Olocker, isn’t just insuring jewellery against snatching or a break-in — it’s giving people back the freedom to wear their memories, out loud, without fear.
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