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Union Budget 2024 is a game-changer

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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

From Gold to Experience: How Jewellery Retail Is Evolving into Lifestyle

Anil Jose, Managing Director, TT Devassy Jewellery

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Changing consumer preferences are transforming jewellery retail, with experience-led showrooms, everyday wear and personal expression redefining how brands connect with customers

For generations, buying jewellery in India has been entangled with occasions. Weddings, festivals, anniversaries and family milestones have traditionally shaped when and why people purchase jewellery. Gold, in particular, has a unique place in Indian households, representing not just beauty but also security, tradition and long-term value.

That relationship remains strong. What is changing is the role jewellery plays in everyday life. Consumers are increasingly buying jewellery not only to mark an occasion, but also to express their personality, complement an outfit, celebrate a personal achievement or simply enjoy something they connect with.

For jewellery retailers, this represents a significant shift.

Jewellery Showroom as an Experience

The modern jewellery customer journey is becoming more experiential. A customer may discover a design on social media, explore collections online, compare options and then visit a store to experience the product in person. The showroom is therefore no longer simply a place to display products; it has become an important part of the brand experience.

This is also reflected in the expansion of organised jewellery retail in India. As per a research, jewellery’s share of organised retail leasing in India rose from 2% in 2019 to 8% in 2025, making it one of the country’s top three retail demand drivers. At the same time, larger, experience-led formats are gaining ground, with stores exceeding 8,000 sq. ft. accounting for half of jewellery retail leasing in 2025, compared with 14% in 2019.

The implication is simple: a jewellery store can no longer be just a place where products are displayed. It needs to be a place where customers discover, explore and connect with a brand.

From ownership to self-expression

Traditionally, jewellery was often purchased with a long-term perspective. It was an asset, an heirloom and something intended to be passed down through generations.

Those motivations remain important, but a new layer is emerging; personal expression. Younger customers are increasingly drawn to lightweight, versatile and contemporary pieces that can reflect their individual style and be worn across occasions.

Building a jewellery wardrobe

In many ways, jewellery is beginning to develop its own version of a wardrobe. There are traditional pieces for weddings and festivals, minimalist designs for everyday wear and statement pieces for celebrations.

This creates an opportunity for retailers to move beyond individual transactions and become part of more moments in a customer’s life. When jewellery becomes relevant to more occasions, it naturally becomes less occasional and more habitual.

Trust remains timeless

For all the changes in jewellery retail, one factor remains constant, trust.

Transparency in pricing, confidence in quality and dependable after-sales service continue to shape customer relationships. Today, that trust extends to every part of the brand experience, from digital communication to the showroom itself.

Jewellery has always been about more than gold and precious stones. It represents relationships, memories, celebrations and identity. What is changing is how frequently and personally consumers choose to express those emotions through jewellery.

The opportunity for retailers is to evolve from occasion-driven sellers into lifestyle brands; brands that understand how customers live, what they value and how jewellery fits into their everyday stories.

Gold may remain timeless. But the experience surrounding it is becoming the real differentiator.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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