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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

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“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.

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Sukkhi Jewellery Strengthens Mumbai Presence with Fourth Store Launch in Dadar

The new outlet is part of the brand’s plan to open 100 retail touchpoints in the next 18–24 months, building on its strong digital-first foundation.

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Sukkhi Jewellery, a leading name in fashion jewellery, has launched its newest retail store in Mumbai’s vibrant fashion district of Dadar. This marks the brand’s fourth store in the city, reflecting its continued commitment to meeting the rising demand for affordable, stylish jewellery.

The Dadar launch aligns with Sukkhi’s larger goal of establishing 100 retail touchpoints across India over the next 18–24 months. Known for its robust online presence through platforms like Amazon, Flipkart, Nykaa, Myntra, Naaptol, and Ajio, the brand is now expanding its offline footprint with exclusive stores in Borivali, Lokhandwala, Bandra, and now Dadar.

“Opening our 4th store within four months shows our unwavering commitment towards making fashion jewellery affordable and accessible to all. Mumbai is a cosmopolitan fashion market where families invest in precious jewellery and gold, yet have a distinct flair for fashion jewellery. The brand is steadily working towards growing its offline presence through a phased retail rollout,” said Bhavesh Navlakha, Founder and CEO of Sukkhi.

The new Dadar outlet offers a curated collection of necklaces, chokers, rings, and 925 silver jewellery, blending traditional Indian design with contemporary styles. It features popular collections from Pissara, Studio Sukkhi, Scintillare, and the newly introduced Ayles range, catering to everything from daily wear to festive and bridal occasions.

Sukkhi’s retail expansion comes at a time when India’s fashion jewellery segment is experiencing strong growth. A recent report by Techavio highlights that this momentum is driven largely by millennial women aged 26 to 41—dynamic professionals with increasing disposable income and a desire for versatile, budget-friendly fashion accessories.

With four operational stores in Mumbai, Sukkhi is set to continue its growth across new cities, offering modern consumers greater access to its stylish and affordable jewellery collections.

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Solitario debuts in Delhi with a boutique store

The lab-grown diamond brand opens a 300 sq. ft. store at South Extension, inside the iconic Study by Janak, showcasing high-carat statement solitaires.

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Solitario Diamonds, the fast-growing lab-grown diamond jewellery brand, has officially entered the Delhi market with the launch of its boutique store at South Extension. Spanning 300 sq. ft., the new outlet is located on the first floor of the iconic Study by Janak and features a carefully curated selection of high-carat statement solitaires.

“Delhi has always been a key market for us; not just because of its scale, but because of its deep appreciation for luxury, design, and individuality. The city’s consumers are discerning and bold, which aligns perfectly with Solitario’s philosophy. Partnering with Study by Janak felt instinctive, as it allows us to integrate our modern, conscious jewellery into a space that already defines elegance and fashion-forward living,” said Ricky Vasandani, CEO & Co-Founder at Solitario.

The store has already begun attracting strong footfall, with an average of 50 weekly visitors expected to grow further, bolstered by influencer engagement and positive word-of-mouth following the launch.

Founded in 2022 by Ricky Vasandani and actor-entrepreneur Vivek Oberoi, Solitario Diamonds is quickly emerging as a leader in the new-age luxury diamond space, with a growing footprint across India and six international markets, including Dubai, Malaysia, and Spain.

 

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VBJ Since 1900 unveils extravagant AADI Festival Campaign

Celebrate the Auspicious Season with Sparkling Savings!

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VBJ Since 1900, Vummidi Bangaru Jewellers, India’s most trusted heirloom jewellery brand has announced the launch of its six-week long ‘Extravagant Aadi’ festival campaign from 11th July to 17th August 2025. As part of this festive initiative, VBJ Since 1900 is offering exclusive Aadi discounts across all its categories – Gold, Diamond, Silver, Solitaire, Platinum and Precious Stone jewellery.

VBJ Since 1900 takes immense pride in being the makers of the historic Sengol, a sacred symbol of India’s democratic journey. Rediscovered after 72 years, the Sengol was unearthed by the VBJ team, who meticulously researched and identified it. This significant discovery culminated in the Sengol being installed in India’s new Parliament building, right beside the Speaker’s chair—marking the brand’s deep connection to India’s rich cultural and national heritage. Carrying forward this spirit of tradition, with the extravagant Aadi campaign, VBJ Since 1900 is offering customers 20% off on making charges and VA for gold, diamond, silver, platinum and precious stone jewellery; 10% off on silver jewellery and 3–5% off on solitaire diamonds. These offers are valid at VBJ’s showrooms in Anna Salai, Anna Nagar and also in their Dallas, Frisco (USA).

Speaking about the occasion, Amarendran Vummidi, Managing Partner, VBJ Since 1900, said, “Aadi is a sacred time of worship, prosperity and devotion. At VBJ Since 1900, we celebrate this spirit with exquisite designs and collections that blend legacy with innovation. Patrons can experience the joy of owning beautifully handcrafted jewellery.” Adding to this, Jithendra Vummidi, Managing Partner, VBJ Since 1900, shared, “VBJ has long stood for trust and tradition. Through our Extravagant Aadi campaign, we aim to reach out to a wider audience. Our customers can also benefit from our customisation options, quick delivery timelines, and the assurance of quality that comes with every VBJ piece.”

Customers are invited to visit early to explore the widest festive selection and take-home jewellery that celebrates both tradition and personal milestones.

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