National News
WGC Cautions Against Gold Import Duty Hike in Budget 2025
The World Gold Council (WGC) has raised concerns over the potential impact of an increase in gold import duties in the upcoming Union Budget for 2025. The government’s decision to lower the import duty on gold in July 2024 had a significantly positive effect on the industry. It led to a reduction in informal gold imports, stabilized official channels, and fostered a more transparent and organized market. The WGC highlighted that raising duties now could lead to a surge in smuggling, drive up domestic gold prices, and negatively impact the sector’s growth.
Sachin Jain, Regional CEO of WGC India, emphasized the importance of maintaining the current customs duty to ensure continued stability in the market. He pointed out that any increase in import duties could reverse the progress made over the last year, especially as the gold industry contributes approximately 1.3% to India’s GDP and provides employment to 20-30 lakh people. Jain called on the government, financial institutions, and industry players to work together to preserve the positive momentum in the market, fostering an environment where the gold sector can continue to thrive.
The government’s budget announcement on February 1 will be closely watched, particularly as India grapples with weak GDP growth and a slowdown in consumption. With expectations for progressive, industry-friendly measures, the WGC hopes that the government will maintain its stance on reducing gold taxes and focus on measures that support economic growth while benefiting all stakeholders in the gold industry.
National News
GJEPC Promotes Export Opportunities and IIJS Bharat Premiere 2026 At Warangal Retailers’ Connect
The Event, Held With The Support Of The Warangal Bullion Jewellery & Diamond Merchants Association, 121 Retailers From The Region Attended
GJEPC organised the IIJS Bharat Premiere 2026 Retailers’ Connect Roadshow in Warangal, Telangana on 17 July, bringing together 121 retailers from the region. The event, held with the support of the Warangal Bullion Jewellery & Diamond Merchants Association (WBJDMA), focused on export opportunities for jewellers and encouraged participation in IIJS Bharat Premiere 2026.
Surya Narayanan, Regional Director – South, GJEPC, conducted a session on export awareness, outlining the steps for retailers to enter international markets and explaining the fiscal benefits and support available to MSMEs through GJEPC and government initiatives.
Vicky Moolchandani, Manager, National Events, GJEPC, presented an overview of IIJS Bharat Premiere 2026, highlighting the exhibition’s global sourcing opportunities, international buyer participation and business networking platform.
GJEPC also briefed participants on the benefits available to members of the WBJDMA. The session generated strong interest, resulting in on-the-spot visitor registrations and 40 confirmed buyers opting for the premium Association Visitor Registration (AVR) package.
The roadshow forms part of GJEPC’s nationwide outreach programme to strengthen retailer engagement, expand export awareness and increase participation in IIJS Bharat Premiere 2026.
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