(19 Jan 2026, 14:44)

Sharp rise in gold prices has multiplied absolute GST burden on consumers

Rajesh Rokde, Chairman, All India Gem & Jewellery Domestic Council (GJC)

The sharp rise in gold prices has multiplied the absolute GST burden on consumers and created severe working capital stress for jewellers, even though no policy change has occurred. Our recommendations are not for concessions but for restoring proportionality, liquidity and fairness. A modest GST reduction, together with relief on notional inventory gains and job-work clarity, will bring millions of transactions back into the formal economy, protect karigar livelihoods, and make jewellery once again an accessible savings asset for Indian households. We are confident that the Hon’ble Finance Minister will consider these practical, calibrated reforms in the upcoming Budget.

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Sharp rise in gold prices has multiplied absolute GST burden on consumers