JB Insights
Union Budget 2024 is a game-changer
The Union Budget 2024 has created a positive sentiment and buzz in the GJ industry. Industry players are calling it a game-changer. The reduction in import duties on gold, silver and platinum, from 15 percent to 6 percent , abolition of the 2% Equalization Levy, Safe Harbour Rule on sale of rough diamonds at SNZs will contribute in propelling growth of GJ industry.
The import duty cut on precious metals is likely to ignite a significant increase in gold purchases across the country, particularly during the upcoming festive and wedding season. The cultural and religious significance of gold, combined with its role as a valuable investment, is expected to drive a substantial uptick in demand. Experts expect the allure of gold to reach new heights as the auspicious occasions of the wedding season and Diwali approach.
Piyush Goyal, Union Commerce & Industry Minister, said “The gold import duty cut to 6 per cent (from 15 per cent) will promote the manufacturing of gold and silver jewellery. It will also contain smuggling. When formal gold is imported through the official route, it only helps the economy further. Also, this move will benefit the consumers as the marriage season is approaching.Duty reduction in gold and silver will result in employment and business growth. Value addition in gold jewellery will also boost exports, including e-commerce exports.”
The reduction in import duties on precious metals is a major boost for our industry, enhancing affordability for consumers and competitiveness for the manufacturing sector by releasing working capital, said Vipul Shah, Chairman, GJEPC.
Indian jewellers foresee a surge in domestic gold purchases due to a significant customs duty cut in the 2024-25 budget. This change has narrowed the price gap between India and Dubai, making Indian gold more appealing. The reduction is expected to boost domestic gold production, and jewellers plan to introduce new designs to attract customers. With lower duties, jewellers can offer competitive pricing, making gold and silver more accessible and affordable to all consumer segments.
This move will provide significant relief to consumers who have been investing in alternative assets, encouraging them to return to gold investments. Industry is confident that household investment and savings in India will see an increase in the coming days.
JB Insights
VBJ Hosted An Exclusive Jewellery Exhibition In Karur
~ A Specially Curated Showcase Of Timeless Gold, Diamond, and Solitaire Collections ~
VBJ, Vummidi Bangaru Jewellers, India’s most trusted heirloom jewellery brand entered Karur with an exclusive jewellery exhibition from 5th & 6th June 2026 at Hotel Hemala, Heemanjali Hall, 1st Floor, 9, Police Lane Street, Karur – 639001. Owing to the overwhelming response and continued patronage from customers in the city over the years, VBJ is once again bringing its signature collections closer to jewellery enthusiasts in Karur.
The three-day exhibition showcased a thoughtfully curated range of bridal gold & diamond jewellery, necklaces, bangles, earrings, rings, chains, gemstones and solitaire creations, reflecting VBJ’s legacy of design excellence, craftsmanship, and timeless elegance.
Speaking about the exhibition, Amarendran Vummidi, Managing Partner, VBJ, said:
“The love and trust we have consistently received from customers in Karur has always been extremely special to us. It is this enduring relationship that brings us back to the city once again with a curated showcase of our collections. Through this exhibition, we presented jewellery that beautifully balances heritage, craftsmanship, and evolving design preferences.”
Adding to this, Jithendra Vummidi, Managing Partner, VBJ, shared:
“Customers today are increasingly looking for jewellery that combines wearability with distinctive design. Our exhibition in Karur has been curated keeping these evolving preferences in mind, with collections that range from heirloom-inspired bridal pieces to modern, versatile creations suited for everyday and occasion wear.”
As a fifth-generation family-run brand, VBJ takes immense pride in its legacy as the creator of the historic Sengol (sceptre) – a sacred symbol of India’s democratic journey. Rediscovered after 72 years through meticulous research by the VBJ team, the Sengol was reinstated beside the Speaker’s chair in India’s new Parliament building, Sansad Bhavan, by Hon’ble Prime Minister Narendra Modi, marking VBJ’s enduring bond with India’s cultural and national heritage. Continuing this legacy, VBJ is now set to unveil its largest jewellery showroom on Coimbatore’s 100ft Road.
Known for its bespoke creations and trusted legacy spanning over 125 years, VBJ continues to strengthen its engagement with customers across Tamil Nadu through curated showcases and personalised experiences. The exhibition will remain open from 11 AM to 8 PM on all three days.
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