Budget 2025: Imported jewellery to get cheaper
Imported jewellery, right from top brands like Tiffany, Bvlgari, Cartier and unbranded ones, will become cheaper following the reduction of import duty from 25% to 20% in Budget 2025.
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Jewellers said that lightweight imported gold jewellery from Italy and the Far West with modern Western designs will become cheaper.
Colin Shah, managing director of Mumbai-based Kama Jewelry, said for a country like India which is known for its high jewellery consumption, this will boost demand in the domestic market, especially in the luxury category. «The demand for luxury branded jewellery is on the rise in the country as the aspiration level is changing,” he said.
Imports of gold jewellery in April to December of 2024 have gone up by 87.4% compared to the same period of 2023. Imported gold jewellery mainly consists of chains, earrings and rings.
The budget also provided some joy to the diamond sector by removing the import of goods at concessional rate (IGCR} condition for import of duty-free lab-grown diamond (LGD) seeds. Industry executives said that under IGCR, it was taking more time to import LGD seeds and there were a lot of compliance issues which delayed such imports.
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