JB Insights

Union Budget 2024 is a game-changer

Published

2 years ago

August 5, 2024

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.

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JB Insights

Get WILD, WITCHY…WICKED This Halloween

Whether You Go All Out With A Costume Or Simply Wear Black, The Right Jewellery Pulls The Look Together

Published

15 hours ago

October 29, 2026

JewelBuzz Spread The Buzz

This Halloween, build your look around one piece of dark or dramatic jewellery, such as black crystals, an oversized ring, or oxidised silver with a bit of attitude. Whether you go all out with a costume or simply wear black, the right jewellery pulls the look together.

Halloween jewelry styling guide:

1. The Minimalist Dark Look

Vibe: Chic, effortless, and photographs exceptionally well.

Outfit: All-black attire (dress, co-ord, or kurta) with dark lipstick.

Jewelry Strategy: Focus on one light-catching dark piece (e.g., Onyx Glow Drop Earrings, Clara Noir Orb Ring, or Bianca Noir Crystal Drop Set). Stick to gold-toned accents or avoid extra jewelry to keep it intentional rather than over-the-top.

Celestial Witch

Vibe: Mystical and witchy without wearing a traditional hat; focuses on stars, moons, and tarot themes.

Outfit: Flowy pieces in deep plum, midnight blue, or black paired with smudged eyelid shimmer.

Jewelry Strategy: Stack star-sign constellation studs (Astra Zodiac Studs), layer multiple chains with a zodiac pendant, or make a single bold statement with crescent-moon earrings (Neelambari Chand Earrings).

Desi Horror Heroine

Vibe: Inspired by classic Bollywood horror heroines.

Outfit & Styling: Red or orange saree, smudged kohl, large red bindi, and messy hair.

Jewelry Strategy: Use antique-look oxidised silver pieces, such as peacock earrings, a ghungroo-beaded choker (Anira Flora Choker) for sound effects, and a dramatic statement ring (Riwaayat Ring).

Bonus: These items double as re-usable Diwali wardrobe pieces.