National News
Union Budget FY 2025-26
GJEPC welcomes new Export Promotion Mission, National Manufacturing Mission & the National Centres of Excellence Skilling
Budget Reaction by Mr. Vipul Shah, Chairman, GJEPC
“Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.
GJEPC welcomes the recognition of exports as the 4th engine of growth and the new Export Promotion Mission with sectoral and ministerial targets, driven jointly by Union Commerce, Finance & MSME Ministries. This will facilitate easy access to export credit cross border and factor support to MSMEs to tackle non-tariff barriers in exports. GJEPC welcomes the digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade to be set-up as a unified platform for trade documentation and financing solutions.
GJEPC further welcomes the proposal of creating of new tariff items in Chapter 71 so as to distinguish precious metals – containing 99.9% or more by weight of silver, containing 99.5% or more by weight of gold, containing 99% or more by weight of platinum under headings 7106, 7108 and 7110 respectively. This move aligns with the representation made by GJEPC for addressing the issue of classification of alloys of Platinum (pre-dominantly containing gold), which was invariably leading to claim of unwarranted customs duty exemptions for import of Platinum under India-UAE CEPA .
Gem & Jewellery sector comprises of 85%-90% of MSMEs. The revision in classification criteria of MSMEs especially with those with turnover from Rs. 250 crore to Rs. 500 crore will help them achieve higher efficiencies of scale, technological upgradation and better access to capital. The extension of credit guarantee cover to MSMEs leading to additional credit of Rs. 1.5 lakh crore in the next 5 years will benefit and provide boost to the MSMEs in the sector.
The Government’s stable approach on duties and levies across gem & jewellery products will enhance ease of doing business. The Basic Customs duty rate has been reduced from 25% to 5% on platinum findings classified under 7113 will enable consumers to get a new product and increase affordable jewellery sales..
GJEPC welcomes the Government’s labour intensive focus enhancing productivity, quality manufacturing and global competitiveness. G & J industry is labour intensive with 5 million people employed in Exports. The announcement of National Manufacturing Mission & the National Centres of Excellence Skilling furthering ‘Make for India ‘Make for the World’ is positive and is set to have direct benefit to the sector.
GJEPC welcomes income tax relief incentives to boost consumer demand. Overall, Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.
GJEPC remains committed to collaborating with the Government of India to ensure the sector continues to contribute significantly to the nation’s economy. Council requests the issuance of FAQs on Safe Harbour Taxation. We seek Hon. FM’s support for co-funding global diamond promotion campaigns, the inclusion of jewellery parks in the harmonised infrastructure list, and an Infrastructure Support Fund to develop a Gem Bourse in Jaipur.
GJEPC urges the Government to align regulations with global benchmarks, to set up a policy that promotes exports, innovation, use of technology, and incentivises sustainable practices.
National News
A Tiny Hallmark Number, A Gold Bangle, and A Remarkable Reunion With Malabar Gold & Diamonds
Malabar Gold & Diamonds Traces Rightful Owner Through HUID-Enabled Records, Reinforcing Trust, Transparency and Customer-First Practices
Losing a valuable piece of gold jewellery is often accompanied by the fear that it may never be recovered. Beyond its monetary worth, jewellery frequently carries deep emotional significance, representing family memories, milestones and cherished moments that are impossible to replace.
In a heartwarming incident that underscores the power of trust, transparency and technology in modern jewellery retail, a bangle was recently reunited with its rightful owner, thanks to the Hallmark Unique Identification (HUID) system and the robust customer record management processes followed by Malabar Gold & Diamonds.
The journey of the lost bangle back to their rightful owner began when a member of the public handed them over to a local jewellery establishment after finding them. During the verification process, the Hallmark Unique Identification (HUID) number engraved on the jewellery was identified and examined.
Through the BIS hallmarking ecosystem, it was established that this jewellery had originally been hallmarked for Malabar Gold & Diamonds. The information was subsequently shared with Malabar’s HUID and technical teams, which leveraged the company’s technology-enabled record management and traceability systems to identify the original point of sale and trace the customer.
The customer, who is currently residing in the United States, was subsequently informed that her jewellery had been safely recovered. Given her overseas location, arrangements were made for her mother in India to collect the bangle on her behalf from the Malabar showroom.
This incident highlights how technology is increasingly enabling responsible jewellery practices and enhancing customer trust. At Malabar Gold & Diamonds, investments in digital record management, traceability systems and customer-centric processes help strengthen transparency and accountability across the jewellery ownership journey. By combining the assurance of hallmarking with robust technology-enabled systems, the company is able to offer customers greater confidence, security and peace of mind long after a purchase has been made.
Commenting on the incident, Mr. M. P. Ahammad, Chairman, Malabar Group, said:

“At Malabar Gold & Diamonds, trust is the foundation of every customer relationship. While jewellery is often valued for its purity and craftsmanship, it also carries deep personal significance and cherished memories. This incident demonstrates how responsible retailing, transparent processes and technology-enabled traceability can come together to protect customer interests beyond the point of purchase.”
“Technology is increasingly becoming an enabler of trust in the jewellery industry. Our investments in traceability, customer record management and technology-enabled processes are aimed at creating a more transparent and secure ownership experience for customers. This incident is a powerful example of how these systems can help protect customer interests and reinforce confidence in the brand.”
“The Hallmark Unique Identification (HUID) system, coupled with our robust record management processes, enabled us to trace the rightful owner and facilitate the safe return of the jewellery. We are delighted that the bangle has been reunited with their owner and family, reaffirming our commitment to customer-first practices, transparency and accountability.”
Expressing her gratitude, Miss. Murugesan, said:
“When I realised the bangle was missing, I thought they were gone forever. Receiving a call from Malabar informing me that they had traced and secured them came as a complete surprise. The bangle is not just valuable jewellery; they hold precious memories for my family. I am deeply grateful to the Malabar team for their honesty, professionalism and efforts in ensuring they were returned to us. Knowing that such systems and processes exist gives customers tremendous confidence and peace of mind.”
As the world’s fourth largest jewellery retailer, Malabar Gold & Diamonds has consistently championed transparency, ethical business practices and customer-centric innovation. The company continues to invest in systems and processes that enhance traceability, strengthen customer confidence and uphold the highest standards of accountability across the jewellery ownership journey.
For one family, the recovery of the lost jewellery marked the return of a cherished possession. For the wider jewellery industry, it serves as a powerful reminder that when trust, transparency and technology work together, even the smallest hallmark can help bring priceless memories back home.
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