GJEPC organised a webinar on 3rd Feb 2021, where Nirav Jogani, Vice Chairman, RSM Astute Consultech Pvt. Ltd. gave his analysis on the Union Budget 2021 and the benefits on the announcements made for the gem and jewellery industry.

Jogani gave a detailed presentation on all the aspects of the announcements and its impact on the different sectors of the country. In terms of the announcements made to the gem and jewellery industry, Jogani said, “The reduction in impot duty on precious raw materials will make the gem & jewellery industry globally competitive. Overall if you look, the banking related measures announced, it will benefit the industry as there will be ample liquidity available from the banks at lower interest rates at least for the next one year, and this will give lot of impetus to the trade.”

“In terms of taxation schemes, already last year the Govt. had announced new schemes, including for new manufacturers, and many companies in the industry have started taking benefit of the lower taxes. Continuation of the same and not introducing any new taxation is good in itself,” adds Jogani.

Measures introduced for the gem and jewellery industry in the Union Budget 2020-21 include:

1. Customs duty on gold and silver reduced from 12.5% to 7.5%
2. Customs duty on platinum, palladium etc, reduced from 12.5% to 10%
3. Custom duty on gold/silver findings reduced from 20% to 10%
4. Customs duty on precious metal coins reduced from 12.5% to 10%
5. Customs duty on import of C&P synthetic stones including C&P Cubic Zirconia increased from 7.5% to 15%.