Jewellery industry bigwigs optimistic ahead of #Union Budget 2024 

Industry leaders anticipate supportive policies that could drive growth, competitiveness, and sustainability, thereby contributing significantly to India’s economic development 

Mumbai — As India prepares for Union Budget 2024, leaders from various sectors, including jewellery and digital industries, have voiced their expectations and recommendations, anticipating key policy decisions that could impact their sectors positively. 

MP Ahammed, Chairman of Malabar Group, expressed optimism about the forthcoming budget and highlighted critical issues for the jewellery sector. He urged the government to consider reducing import duties on precious metals like gold, silver, and platinum bars. 

 “Such reductions are crucial to combat the rising trend of gold smuggling and to unlock working capital within the industry. There should be duty drawbacks on exports to leverage the India-UAE Comprehensive Economic Cooperation Agreement, and enhance competitiveness, boost exports, and generate employment,” said Ahammed. 

Dishi Somani, Founder of DishiS Designer Jewellery, spoke about her expectations for the budget, particularly for the startup sector. “I welcome the recent extension of Mudra Yojana loans to women entrepreneurs. It is integral to ensure financial inclusion of the sector for growth,” she remarked. Somani called for continued government support through tax incentives, grants, and skill development programmes to empower women entrepreneurs and drive innovation in the jewellery industry. 

 Amarendran Vummidi, Managing Partner of Vummidi Bangaru Jewellers, said, “With gold exports being a significant contributor to the country’s revenue, we seek favourable government policies to enhance growth and sustainability. We look forward to incentives on gold jewellery exports to maintain its competitive edge. The industry also hopes for policies that will ensure affordable interest rates, enabling them to maintain liquidity and manage cash flows effectively. These measures will also be beneficial to create new jobs.”  

Ricky Vasandani, CEO of Solitario Diamonds, representing the lab-grown diamond industry, highlighted the sector’s recent growth spurred by government initiatives in Budget 2023. He underscored the potential of India’s lab-grown diamond industry, which holds 25% of the global market share and is projected to grow significantly in the coming years. Vasandani called for sustained government support to boost exports and facilitate ease of global business operations, crucial for establishing India as a leader in the global diamond market. 

Prasad Shejale, CEO of LS Digital Group, emphasized the need for robust digital infrastructure support in the upcoming budget. He outlined expectations for initiatives focused on advancing Machine Learning (ML) and Artificial Intelligence (AI), crucial for enhancing productivity and competitiveness on a global scale. Shejale emphasized that such measures would empower Indian businesses to excel in the digital age and contribute to the global digital economy. 

Mr. Kaivan Shah, President of Aarya 24kt India Pvt Ltd, calls for budget initiatives to boost growth in the jewellery industry. Key expectations include reducing import duties on gold to lower production costs, enhancing support for SMEs through tax reliefs, investing in skill development programs, and strengthening export initiatives. These measures aim to foster innovation, improve product quality, and expand Aarya 24kt’s international presence, ensuring a prosperous future for the sector.

Ms. Disha Shah, Founder, DiAi Designs voiced her expectation regarding the upcoming budget. “We expect the government to reduce the import duty on gold from 15% to 10%, making gold more affordable and encouraging purchases. Additionally, streamlining the jewellery export process for domestic manufacturers and traders through a central setup would enhance export efficiency. Lastly, enabling seamless jewellery purchases on EMI could increase purchasing frequency and volumes, thereby benefiting the broader economy” she explains 

Yash Raj, Co-founder of Vasundhra Raj Luxury recently provided a blueprint, drawing out his recommendations for the upcoming budget. He believes that supporting artisan clusters and craft villages can foster collaboration, preserve traditional crafts, and boost employment and entrepreneurship. He further goes on to say that expanding skill development programs through workshops, apprenticeships, and certifications will preserve age-old techniques and stimulate job creation. Reducing import duties on gold and other precious metals to 5% or less will make these materials more accessible and boost the jewellery industry. “Investing in technology, training, and regulatory support will improve hallmarking infrastructure. Allowing EMI on jewellery purchases will increase accessibility and sales. Exempting PAN requirements for cashless transactions will simplify processes, as banks already comply with KYC regulations” he concludes 

Deepak Khanna, Owner of DRK Jewels, shared insights from the jewellery sector’s perspective. He highlighted the importance of reduced import duties on precious metals and gemstones to lower production costs and ensure competitive pricing. Khanna also emphasized the need for infrastructure improvements in logistics and transportation to streamline supply chains and enhance operational efficiency. 

Overall, industry leaders are optimistic about the potential impact of Union Budget 2024 on their respective sectors. They anticipate supportive policies that could drive growth, competitiveness, and sustainability, thereby contributing significantly to India’s economic development. 

Retail Jeweller India News