Sat Feb 01 15:30:00 UTC 2025: ## Budget 2025: India Cuts Jewelry Import Duties, Sparing Gold
**New Delhi, [Date of Publication]** – Finance Minister Nirmala Sitharaman presented Budget 2025 today, including significant changes to import duties on jewelry. A key highlight is the reduction of customs tariffs on jewelry (item code 7113) and parts. The tariff has been lowered from 25% to 20%, effective February 2nd.
Further reductions were announced for platinum jewelry, with tariffs slashed from 25% to 5%. This move has been welcomed by industry experts. Colin Shah, MD of Kama Jewelry, stated that the decrease in jewelry duty is a positive development, anticipating increased demand, especially in the luxury segment. The reduction in platinum tariffs was also cited as a significant boost for the gems and jewelry sector.
Contrary to some predictions, import duties on gold remained unchanged. This absence of an increase is seen as favorable news for consumers, as it prevents further price hikes. The unchanged gold tariffs, coupled with the jewelry duty reduction, offer a double benefit for gold enthusiasts.
The Economic Survey earlier predicted a potential decrease in gold prices this year, while forecasting an increase in silver prices. This further strengthens the positive outlook for gold consumers. The Budget 2025 announcements thus offer a mixed bag of positive news for consumers and the jewelry industry alike.
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