International News
Italy considers one-time tax to formalise privately held gold
A 12.5% disclosure tax could prompt families to declare inherited gold, reduce informal transactions and unlock billions in potential revenue.
Italy is weighing a one-off tax incentive that would allow households to formally declare undeclared gold—ranging from jewellery to bullion and collectible coins—according to an amendment to the 2026 budget law. The proposal offers individuals the option to certify the market value of such gold by June 2026 by paying a 12.5% levy, matching the tax rate applied to government bonds.
Currently, individuals lacking purchase records face a 26% tax on the entire sale value, rather than just capital gains, prompting many to avoid official channels and resort to informal markets. Lawmakers from the League and Forza Italia say the new measure could help reverse this trend, potentially unlocking over €2 billion in revenue if even 10% of privately held gold is disclosed.
Italy’s private gold holdings are estimated at 4,500–5,000 tonnes, valued at nearly €500 billion. Activity at “Compro Oro” shops has surged, with used-gold sales up 25% in 2025 and more than 1.2 million transactions a month, driven by rising prices and household liquidations.
Under the proposal, individuals who opt in would declare their gold at market value, pay the tax in one or three instalments, and receive a stepped-up fiscal basis for future sales. The process would be overseen by authorised intermediaries with strict anti–money-laundering safeguards. Supporters say the measure could boost transparency and liquidity in a sector long dominated by undocumented family inheritances. The amendment now awaits government review and parliamentary approval.
International News
GJEPC Auckland Visit Targets Growth In India-NZ Jewellery Trade
The Opportunity In New Zealand Is Significant Relative To The Current Level Of Jewellery Trade. India’s Gem and Jewellery Exports To New Zealand Rose 50.56% To US$25.46 Million In FY2025-26, From US$16.91 Million In FY2024-25.
The GJEPC trade delegation’s Auckland programme has highlighted the scope for expanding India’s gem and jewellery exports to New Zealand as the two countries move towards implementing their recently concluded Free Trade Agreement (FTA).
The Auckland visit was part of GJEPC’s Australia and New Zealand trade delegation, held from 20-26 August 2026, with the delegation focused on connecting Indian manufacturers and exporters with buyers and industry stakeholders across the two markets.
The opportunity in New Zealand is significant relative to the current level of jewellery trade. India’s gem and jewellery exports to New Zealand rose 50.56% to US$25.46 million in FY2025-26, from US$16.91 million in FY2024-25.
The recently concluded India-New Zealand FTA is expected to create further opportunities for Indian exporters. New Zealand has committed to duty-free access for Indian exports across 100% of its tariff lines once the agreement enters into force.
On 26th August, Vijay Mangukiya, Convener – International Events, GJEPC and leader of the delegation, met Dr. Madan Mohan Sethi, Consul General of India in Auckland. Mangukiya has said the delegation was aimed at bringing Indian manufacturers and exporters closer to buyers and industry stakeholders in both Australia and New Zealand, with the objective of identifying new business opportunities and developing long-term partnerships.
The delegation’s Auckland market visits covered a broad cross-section of the local jewellery sector, including Michael Hill, Wallace Bishop, Hardy Brothers, Prouds, and Partridge Jewellers. The delegation also observed international luxury and contemporary jewellery brands including Van Cleef & Arpels, Roberto Coin, Messika and FOPE, reflecting the competitive environment in which Indian exporters would be seeking to establish or expand relationships.
India’s exports of individual jewellery categories to New Zealand also recorded strong growth in FY2025-26. Gold jewellery exports rose 84% to US$17.47 million, while silver jewellery exports doubled to US$0.91 million. Lab-grown diamond exports rose 2% to US$0.63 million, and imitation jewellery increased 13.16% to US$0.43 million. Cut and polished diamond exports were US$5.76 million.
The figures underline the growing contribution of finished jewellery to India’s New Zealand business. With the FTA expected to improve market access and the Auckland market showing demand across gold, diamonds, coloured stones, pearls and branded jewellery, GJEPC’s delegation is seeking to convert this existing growth into deeper commercial relationships.
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