Union Budget 2025: FM proposes 5% Customs Tariff Reduction on Jewellery; Gold and Platinum to get more Affordable

The Finance Minister, in the Union Budget 2025, proposed a reduction in customs tariff on jewellery, gold, and platinum by 5%. This is aimed at making these precious items more affordable for consumers. The government anticipates that this will lead to a reduction in import costs and will benefit the domestic market by encouraging the import of these commodities. The decision aligns with the objective of reducing the burden on consumers while addressing the growing demand for such luxury items. The reduction of tariffs will also help ease inflationary pressures in the sector, providing a competitive advantage to the industry while boosting economic growth through increased imports and improved trade balance.