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
The Evolution Of Men’s Jewellery In India
By Suresh Krishnan, VP – Sales, PNG Jewellers
Changing Lifestyles, Rising Fashion Consciousness and Demand For Self-Expression Are Driving The Rapid Growth Of India’s Men’s Jewellery Segment.
For decades, men’s jewellery in India limited itself to gold chains gifted by parents, a wedding ring, or a religious pendant. Today, the modern Indian man is embracing jewellery as a form of self-expression, personal style, and achievement. What was once considered a niche category has evolved into one of the most exciting growth segments in the jewellery industry.
We have witnessed a notable shift in consumer behaviour over the past few years. Men are increasingly purchasing jewellery not only for weddings and festive occasions but also to celebrate personal milestones such as promotions, entrepreneurial success, anniversaries, and birthdays. This transformation is being driven by a younger, style-conscious demographic that draws inspiration from global fashion, digital media, and celebrity culture.
International luxury houses have expanded their men’s jewellery offerings substantially, while Indian consumers are becoming more comfortable experimenting with bracelets, platinum bands, signet rings, pendants, cufflinks, tie pins, and customised accessories. The rise of men’s jewellery is also closely linked to changing workplace and lifestyle preferences. Today’s professionals prefer versatile pieces that transition from boardroom meetings to social gatherings. Lightweight gold bracelets, sleek chains, and minimal diamond-accented jewellery have emerged as strong performers across urban markets.
Alongside gold and diamonds, silver jewellery has emerged as a significant growth category for men. Rising precious metal prices and evolving fashion sensibilities have encouraged younger consumers to explore silver bracelets, chains, rings, and pendants as stylish yet accessible options. Silver has increasingly positioned itself as an entry-level luxury category, particularly among consumers in the 20-30 age bracket who seek design-led products for everyday wear. The growing popularity of men’s silver jewellery globally has further accelerated acceptance in India.
One of the most significant developments has been the growing popularity of jewellery gifting for men. Father’s Day, in particular, is emerging as an important occasion. Consumers are increasingly seeking meaningful gifts that carry both emotional and intrinsic value. Unlike conventional gifts, jewellery offers longevity, sentiment, and the potential for appreciation over time.
Another noteworthy trend is the growing demand for customisation. Men are looking for pieces that reflect personal stories, whether through engraved initials, symbolic motifs, family emblems, or bespoke designs. This shift mirrors a broader global movement towards personalised luxury.
While gold remains the preferred metal for many Indian consumers, platinum, silver, and diamond-studded jewellery are gaining prominence among younger buyers. Contemporary styling, lighter weights, and innovative designs have helped make these categories more accessible and relevant.
Looking ahead, the men’s jewellery category is poised for sustained growth. As societal perceptions continue to evolve and consumers become more confident in expressing their personal style, jewellery will increasingly become an integral part of the modern man’s wardrobe.
The evolution of men’s jewellery is not merely a fashion trend. It reflects a deeper cultural shift where jewellery is being recognised as a symbol of identity, achievement, and self-expression. This Father’s Day, that makes jewellery one of the most meaningful gifts a family can choose, celebrating not just tradition, but the individual behind it.
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