Gem & Jewellery Council urges jewellery trades to stay calm amid gold duty hike

Amid concerns within the gems and jewellery sector over the recent increase in customs duty on gold, the All India Gem And Jewellery Domestic Council (GJC) has urged the industry to remain calm and confident. Industry leaders said the sector has historically shown resilience during challenging periods and reaffirmed their support for the government’s broader economic priorities while stressing the need for stability and consumer confidence.

Rajesh Rokde, chairman, GJC, said, “The GJC and the entire gems and jewellery industry stand firmly with the nation and respect the government’s policy decisions taken in the larger national interest. We believe the increase in customs duty is a temporary and calibrated measure in the present economic scenario.”

He said the trade should remain calm and confident, as India’s jewellery sector has always demonstrated resilience and adaptability during challenging times. “GJC will continue to work closely with the government and all stakeholders to ensure stability, consumer confidence, and sustained growth of the industry,” he said.

Avinash Gupta, vice-chairman, GJC, said, “Gold and jewellery are deeply connected with India’s economy, traditions, and savings culture. At this juncture, it is important for the trade fraternity to avoid panic and continue business with confidence and responsibility. The GJC fully supports the nation’s larger economic priorities and remains committed to constructive engagement with policymakers to safeguard the interests of artisans, traders, and consumers while ensuring long-term growth and stability of the sector.”

Effective May 13, 2026, the Union government has doubled the effective tax paid on the import of gold and silver to a total of 18.4% from the previous 9.2%. The announcement was through two separate notifications issued late night on May 12.