National News
Gold duty cut spurs official imports, curbs unofficial channels: ICRA
India’s gold import dynamics saw a shift in FY2025 following a sharp reduction in import duty from 15% to 6%, effective July 24, 2024. According to a report released by ICRA, official gold bullion imports rose by 8% during the year despite flat overall demand at 782 tonnes, compared to 774 tonnes in FY2024. This suggests a decline in unofficial gold inflows.
The import duty rate cut on gold from 15 per cent to 6 per cent has seemingly brought down unofficial gold imports, as evident from an increase in official gold bullion imports by 8 per cent in FY2025 despite the overall demand remaining flat (sales of 782 tonnes of gold jewellery/ bullion/ bars in FY2025 as against 774 tonnes in FY2024), according to a report released by ICRA today.
On the flip side, the sharp correction in prices after the duty cut resulted in short-term inventory loss, the rating agency said.
Duty action on gold has a considerable influence on the country’s current account position. Increasing import duties on gold can reduce gold imports and help lower the current account deficit, and vice versa.
The actions in the past largely involved revisions in import duty rates. With the introduction of the Goods and Services Tax (GST) in 2017, the overall duty/tax rate increased to 13 per cent from 12 per cent. Major action was undertaken in the Union Budget 2023, wherein the total customs duty was increased by 425 basis points. In the Union Budget 2025, total customs duty on the import of gold was reduced by 900 basis points (6 per cent from 15 per cent) with effect from July 24, 2024. For gold ore, the revised rate was 5.35 per cent (down from 14.35 per cent). The revised duty rates are the lowest in the past decade. Platinum and silver bars also witnessed a similar duty cut of 900 basis points to 6.4 per cent and 6.0 per cent, respectively.
The sharp reduction in import duty rates resulted in a decline in gold prices in the domestic market and, consequently, the landed cost. The demand of gold jewellery improved to some extent immediately after the duty cut due to reduced gold prices. However, gold prices continued to rise subsequently on the back of geo-political tensions and apprehension of tariff imposition by the US, partially offsetting the impact of the duty cut on gold prices, the ICRA report added.
National News
Bengaluru-based lab-grown diamond jewellery startup ONYA raises ₹5.5 crore in pre-seed funding led by Zeropearl VC
The brand scales to four profitable high-street stores in Bengaluru, touching ₹2 crore MRR in 11 months
ONYA, one of India’s fastest-growing offline-first, premium lab-grown diamond jewellery brands, has raised Rs.5.5 crore in a pre-seed round led by Zeropearl VC. The round also saw participation from prominent angel investors including MyGate founders Vijay Arishetty, Abhishek Kumar, Shreyans Daga, and Rohit Jindal; UrbanVault founder Amal Mishra; and Alkendra Pratap Singh, Managing Director of Crescendo Industries Pvt. Ltd. and Director of KE Engineers Pvt. Ltd., among others. The fresh capital will be used to accelerate ONYA’s offline retail expansion across major Indian cities.
ONYA, short for “On You,” was founded on a simple idea: to create art that looks good On You. The inspiration came from a deeply personal moment when two people ready to begin their life together realized that the ring they loved was beyond reach. That experience sparked a mission to make beautifully designed and meaningful diamond jewellery accessible to everyone. Today, ONYA stands for crafting soulful lab-grown diamond pieces that mark life’s most cherished celebrations in every Indian home.
Within 11 months, ONYA has expanded to four profitable high-street stores in Bengaluru, achieving a monthly revenue run rate of ₹2 crore. The company has also strengthened its leadership team with the appointment of Gaurav Choudhary, former Director of Products at xto10x, who joins as Co-founder.

Himani Yadav, Founder of ONYA, said, “ONYA didn’t begin as a business idea — it began with a personal moment. My engagement ring was a lab-grown diamond long before the category became mainstream, and that experience made me realize how many people felt priced out of meaningful jewellery. ONYA was created to change that by bringing emotion, accessibility, and intention back into fine jewellery.
Being backed by Zeropearl VC at this stage — and by someone like Bipin, who brings a decade of deep consumer-brand investing experience, including in jewellery — adds immense value and clarity to our journey. The fact that ONYA fits naturally into Zeropearl VC’s Indiluxe thesis reinforces that we’re building in the right direction. This partnership gives us the confidence to take thoughtfully designed lab-grown diamonds to more homes across India.”
Bipin Shah, Founder and Managing Partner, Zeropearl VC, said At Zeropearl VC, we back founders who deeply understand the problem they’re solving — and Himani’s clarity stood out from day one. The ONYA team is already showing early signs of cracking an offline & Design first approach in premium lab-grown diamond space which strongly aligns with our Indiluxe thesis. Young India’s shift in how they view jewellery is undeniable, and ONYA is building right at that inflection point.

Their design focus and customer obsession give us strong confidence — and we see this as a gateway to expanding into more premium, next-gen consumer categories over time.” ONYA’s jewellery features IGI-certified lab-grown diamonds set in BIS Hallmarked gold, blending scientific precision with elegant design. With this investment, ONYA plans to expand its product lines, open more customer-first experience stores, and deepen its connection with India’s growing base of conscious luxury
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