Connect with us

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

Published

on

“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.

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted

National News

QWEEN Partners With Perfect Corp. to Launch Hyper-Realistic AI-Powered Virtual Jewellery Try-On in India

Partnership brings Physically Based Rendering (PBR) technology to QWEEN’s digital ecosystem, enabling consumers to virtually try on rings, earrings and bracelets with exceptional realism across desktop and mobile.

Published

on

QWEEN, India’s first self-discovery, 100% natural experiential luxury jewellery brand, has partnered with Perfect Corp., a global leader in artificial intelligence (AI) and augmented reality (AR) technology for the beauty, fashion and luxury industries, to introduce an advanced 3D Virtual Try-On experience for consumers in India.

Powered by Physically Based Rendering (PBR) technology, the solution enables customers to virtually try on QWEEN’s rings, earrings and bracelets in real time across both desktop and mobile devices. The immersive experience allows users to see how each jewellery piece sits, moves, reflects light and complements their features, offering a highly realistic way to explore jewellery before making a purchase or visiting a store.

The partnership reflects QWEEN’s commitment to integrating world-class technology that meets the precision and craftsmanship standards expected in the luxury jewellery segment. Perfect Corp., which serves over 800 global brand partners, has developed technology solutions for leading luxury brands including Louis Vuitton, Tom Ford Fashion, and Parisian high jewellery house REZA.

Its PBR-enabled technology accurately renders gold, natural diamonds and gemstones with realistic texture, reflection, movement and proportion. The platform is designed to support up to 2,300 SKUs, enabling consumers to better evaluate the scale, fit and finish of jewellery beyond conventional product images.

Commenting on the collaboration, Amit Kumar, CEO and Co-Founder of QWEEN,

Said the traditional jewellery-buying journey has offered consumers limited opportunities to independently explore products before they are presented across a counter. He noted that QWEEN aims to change this by giving every woman greater information, control and confidence throughout the discovery process.

He added that Perfect Corp.’s experience working with some of the world’s leading luxury and fashion brands provides QWEEN with the confidence that the platform can deliver the realism, precision and sophistication required for the brand’s luxury positioning.

For QWEEN, the collaboration extends beyond introducing a digital feature. The company believes virtual jewellery discovery should offer the same level of accuracy, detail and craftsmanship as the physical retail experience. This is particularly important considering the diversity of its portfolio, where subtle differences in gold colour, gemstone characteristics, diamond brilliance and jewellery proportions significantly influence how a piece appears on the wearer.

Suyash Motarwar, Co-Founder and CTPO of QWEEN,

said the value of Virtual Try-On lies in its ability to accurately represent proportion, movement, colour and material finish. He highlighted that QWEEN’s collection includes seven colours of gold, 100% natural diamonds, and a wide range of 100% natural gemstones, making realistic rendering critical for the luxury buying experience.

He further noted that Perfect Corp.’s PBR-enabled technology provides the visual precision required for luxury jewellery while its self-service authoring capabilities allow the brand to efficiently scale the experience as its assortment continues to expand.

The Virtual Try-On feature will form part of QWEEN’s broader technology-driven discovery ecosystem, which also includes RFID-enabled jewellery, self-service tablets, detailed digital product information, personalised wishlists, and persona-led discovery. The feature is designed to complement the brand’s physical retail experience by allowing consumers to discover jewellery online, save preferred designs, and continue their purchase journey through QWEEN stores and assisted retail touchpoints.

Alice Chang, Founder and CEO of Perfect Corp,

said India’s jewellery market is built on craftsmanship, personal expression and trust, while today’s consumers increasingly expect digital experiences that reflect those values. She added that the collaboration combines hyper-realistic AR try-on with a scalable 3D authoring workflow, enabling QWEEN to showcase the material richness and individuality of each jewellery piece online while supporting the growth of its digital catalogue.

The partnership underscores QWEEN’s strategy of collaborating with globally recognised technology specialists to build a modern, consumer-centric jewellery experience. By combining the emotional appeal and craftsmanship of luxury jewellery with the convenience, personalisation and independence offered by advanced technology, the brand aims to redefine how women discover, experience and purchase fine jewellery.

Continue Reading

Trending

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.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x