Jewellery players expect Budget to unlock true potential this sector: Ramesh Kalyanaraman

As Finance Minister Nirmala Sitharaman gets ready to present the Union Budget for 2023-24 on February 1, the industry is hoping for measures to be announced that will fuel overall economic growth. Budget 2023-24 is an important one as it comes a year ahead of the Lok Sabha elections in 2024, and also as it comes amid a global slowdown and several geo-political tussles.

While 2022 was a year of recovery after two years of Covid disruptions, the industry is looking forward to consolidating the gains from 2022 this year and witnessing growth across sectors.

“The jewellery industry in India has the potential to be a major driver of economic growth; the sector benefits from a large and vibrant market driven by strong domestic consumption as well as seasonal demand from the visiting Indian diaspora. With evolving consumer preferences as well as introduction of various regulations such as GST implementation and mandatory hallmarking, there has been rapid formalisation in India’s jewellery industry,” says Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers.

Kalyanaraman further noted, “As we look forward to the Fiscal Budget 2023, we have a huge opportunity to unlock the true potential of India’s jewellery sector and develop it to become a global leader and trade centre. We believe, with the right policies and support from the Government of India, we can further encourage the industry to become more organised. As an entity built on the principles of trust and transparency, it gives us immense pride to see widespread acceptance of fair trade practices such as BIS hallmarking, which has eventually empowered consumers across markets.”

He added, “With major infrastructural investments such as the launch of a new jewellery park in Navi Mumbai and expansion of manufacturing facilities in Surat, we are driven towards improving efficiency and bringing in innovation across the sector, through various pioneering initiatives. The formulation of an effective regulatory framework can further boost digitisation in the sector that will eventually increase transparency and accountability.”