Tue Jan 07 17:56:56 UTC 2025: ## Gem and Jewellery Industry Seeks GST Reduction in Upcoming Budget

**Mumbai, January 7, 2025** – The All India Gem and Jewellery Domestic Council (GJC) has urged the government to slash the Goods and Services Tax (GST) on gems and jewellery from 3% to 1% in the upcoming Union Budget. GJC Chairman Rajesh Rokde stated that the current GST rate, coupled with rising gold prices, is placing an undue burden on both the industry and consumers.

A reduction, Rokde argued, would boost affordability, particularly in rural areas, and significantly increase revenue by formalizing a larger portion of the market. The GJC also advocated for a lower GST rate on lab-grown diamonds to reflect their sustainability and lower cost compared to natural diamonds. Currently, both are taxed equally.

Further requests to the government include the establishment of a dedicated ministry for the jewellery sector, with state-level nodal offices and a central minister appointed to oversee the industry. The GJC also renewed its call for allowing easy monthly installments (EMIs) on jewellery purchases and a revamp of the Gold Monetisation Scheme to encourage the use of idle household gold. GJC Vice-Chairman Avinash Gupta highlighted the scheme’s potential to reduce gold imports and boost self-reliance.

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