National News

GST reforms a bold and timely step to ease pressure on export chains: GJEPC

Published

9 months ago

September 4, 2025

IGST reduced from 18% to Nil on Natural Cut and Polished Diamonds up to 25 cents (1/4 carats) imported under Diamond Imprest Authorization Scheme
Reduced GST on jewellery boxes from 12% to 5%

The Gem & Jewellery Export Promotion Council (GJEPC) has warmly welcomed the GST reforms announced at the 56th GST Council meeting held on 3rd September in New Delhi under the chairpersonship of Hon’ble Union Finance & Corporate Affairs Minister, Smt Nirmala Sitharaman. The rationalisation of GST rates across multiple sectors reflects the Government’s commitment to stimulating domestic demand, easing cost pressures, and enhancing the competitiveness of Indian industry.

For the diamonds and jewellery sector, the reforms bring significant relief. The Council’s decision to exempt imports of natural cut and polished diamonds up to 25 cents under the Diamond Imprest Authorisation Scheme (DIAS) from IGST (previously 18%) will ease working capital pressures and support manufacturers and exporters engaged in small-diamond processing. In addition, the reduction of GST on jewellery boxes from 12% to 5% will lower costs for retailers and exporters, while making packaging and gifting more affordable for consumers—benefiting both businesses and buyers alike.

Kirit Bhansali, Chairman, GJEPC, said, “We welcome the GST reforms announced under the guidance of Hon’ble Finance Minister Smt Nirmala Sitharaman. These measures will stimulate domestic demand and provide a cushion to our export supply chains, which are under pressure due to global challenges. The diamonds and jewellery sector remains committed to ensuring that the benefits, including reduced costs for jewellery boxes, are transparently passed on to Indian consumers, reinforcing trust and supporting long-term industry growth.”

Rajesh Rokde
Chairman, GJC

The current GST reforms (GST 2.0) offers no direct and immediate relief to gems and jewellery exporters against. Importantly, the gems and jewellery sector was excluded from the latest reforms, which reduced the number of GST slabs from four to two (5% and 18%), eliminated the 12% and 28% brackets, and introduced a 40% rate for luxury goods. As a result, the reforms do not offset the adverse impact of U.S. tariffs, since input costs and compliance burdens remain unchanged. However, by focusing on stimulating consumption, the GST changes may support the gems and jewellery sector indirectly over the longer term. The new rates, effective from September 22, are expected to boost consumption, with the overall fiscal impact of the overhaul estimated at around Rs 50,000 crore.

Avinash Gupta
Vice Chairman – GJC

As expected, the GST rate for the gem and jewellery sector remains unchanged at 3%. The GJC has consistently represented to the government that, given the sharp rise in gold prices and in line with revenue-neutral principles, the GST rate should ideally be reduced to 1%–1.25%.
The introduction of the next-generation GST reforms, streamlining the system into just two slabs—5% and 18%—alongside the proposed income tax reforms in the budget, is set to provide a significant boost to domestic consumption. This, in turn, will benefit the gem and jewellery sector by driving higher sales, particularly during the upcoming festive season.
The industry views this reform as a timely step that will brighten the festive outlook and ensure a truly prosperous Diwali. For this initiative, we extend our gratitude to our Honourable Prime Minister and Finance Minister for bringing in such a much-needed reform at the right time.

Saiyam Mehra
IPC- GJC and Director – Unique Chains and Jewels Ltd

The next-gen GST reforms mark a pivotal moment for India’s consumption-driven economy. By streamlining tax slabs and easing the burden on essential goods, the government has empowered consumers with greater purchasing power. For the gem and jewellery industry, this translates into renewed optimism—where jewellery is not just a luxury, but a preferred investment and cultural expression. We believe this reform will unlock fresh demand, especially from emerging markets and younger buyers seeking value and authenticity.

Prabhat Ranjan, Senior Director, Nexdigm, shares insights on sectoral impact of GST Council’s latest reforms The GST Council has retained the 3% rate on gold. This stability is crucial in a sentiment-driven market where seasonal demand peaks during weddings and festivals. By avoiding volatility, the Council discourages informal trade and sustains confidence in the organized sector.

Sometimes, stability is the strongest reform. By keeping GST on gold unchanged, the Council has preserved predictability in a market deeply tied to culture and sentiment. This move reassures consumers and jewellers alike, while ensuring the organized sector continues to flourish.

These reforms, combined with GST reductions in allied sectors such as handicrafts, leather goods, and packaging, will further strengthen India’s diamonds and jewellery ecosystem. By lowering operational costs, enhancing affordability, and boosting global competitiveness, they reinforce India’s position as a leading hub for diamond processing, jewellery design, and exports.

GJEPC appreciates the Government’s consultative approach and is confident that these measures will deliver broad-based benefits, supporting both domestic growth and export resilience for the Indian diamonds and jewellery sector.

National News

Harit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection

A Celebration Of Regal Femininity, Heirloom Craftsmanship, and The Refreshing Depth Of Emeralds.

Published

14 hours ago

June 4, 2026

JewelBuzz Spread The Buzz

June 2026 A bride’s jewellery is never merely ornamental, it carries sentiment, memory, and the quiet power of tradition. With its newest Polki Collection, Harit Zaveri Jewellers introduces a refined take on royal Indian bridal jewellery, thoughtfully designed for the modern bride who embraces heritage while expressing her individuality with confidence and grace.

Crafted between 18kt to 14kt gold and enriched by Emeralds, Harit Zaveri Jewellers Polki collection celebrates a bride in her most transformative moment – poised between reflection and becoming. Every jewellery piece in the collection is designed to accompany her through this pause.

At the heart of the collection lies the richness of polki craftsmanship – raw, uncut diamonds admired for their old-world charm and regal appeal, long associated with royal Indian heirlooms. Paired with vivid emeralds, known to symbolise renewal, harmony, love, and abundance, the collection brings together heritage and elegance. The richness of green emeralds adds depth and freshness, creating jewels that feel both classic and strikingly modern.

The collection features an expansive range of statement and versatile pieces including necklaces, kadas, rings, earrings, and bridal sets, thoughtfully embellished with emeralds, pearls, and polki detailing.

This collection from Harit Zaveri Jewellers compliments classic reds and heritage weaves to contemporary ivories, pastels, and couture silhouettes. Whether layered with a traditional lehenga, paired with a modern sari drape, or styled for intimate pre-wedding celebrations, these pieces seamlessly adapt while elevating every bridal look with a quiet majesty.

These pieces are envisioned as modern heirlooms, where meticulous craftsmanship, precious materials, and timeless artistry come together to create pieces worthy of being passed down through generations.

Harit Zaveri, Joint Managing Director at Harit Zaveri Jewellers said:

“At Harit Zaveri Jewellers, we have always believed bridal jewellery should feel personal, something that reflects a bride’s story and individuality. Many of our clients naturally gravitate towards one-of-a-kind pieces that resonate with their personality and become part of their memories for years to come. With this Polki collection, we wanted to celebrate craftsmanship with the richness of emeralds, a stone that beautifully complements a variety of bridal colours and effortlessly completes a look. Above all, quality remains at the heart of everything we create because we believe jewellery should feel as enduring as the memories and moments attached to it.”