Budget 2025 expectations: Will gold be made more affordable for middle class?

Union Budget 2025 Expectations:Gold traders including jewellers and bullion sellers are looking forward to Finance minister Nirmala Sitharaman to outline a strategy aimed towards strengthening the Indian middle class’ ability to buy the precious metal. The dealers are awaiting the finance ministry’s nod for a mechanism that permits buying gold through EMI in the wake of staggering prices and allocating funds for upskilling the artisans. Additionally, they are also calling for a single regulator for the gold market which, at present, is regulated by SEBI, RBI, DGFT, Ministry of Finance and Ministry of Commerce.
Similarly, Bullion traders have also been working on a delicate margin of 0.65 per cent over the past few years. Prithviraj Kothari, president of India Bullion & Jewellers Association (IBJA) suggested that this low margin could be increased by decreasing the import duties on gold dore.
Suvankar Sen, MD & CEO of listed firm Senco Gold and Diamonds told ET that the gold industry had been providing employment to India’s youth and expert artisans and expressed hope for the upcoming budget to allocate funds for skilling of gold artisans, “prepare a mechanism that middle-class customers can buy jewellery through EMI, reduce the tax rates and bring in liquidity in the economy through infrastructural spending for jewellery and other sectors.”
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Saurabh Gadgil, chairman and managing director of PNG Jewellers, noted that the upcoming Budget 2025 offers a chance to build on this momentum with well-designed policies and tax reforms that benefit the common man, ultimately driving demand and consumption.
Gadgil said, “Initiatives like further reductions in import duties, and strengthening gold monetisation schemes, can enhance efficiency and boost demand further.”
The success of recent jewellery industry IPOs highlight the sector’s increasing compliance and credibility, paving the way to capital markets and inviting more participants to embrace organised practices.
He also mentioned that the industry’s export potential, currently contributing 5 percent to India’s total exports, can be further maximised through policies that optimise gold circulation and encourage sustainable practices, ultimately boosting jewellery exports.