Suvankar Sen, MD and CEO, Senco Gold and Diamonds

The Union Minister’s emphasis on long-term macroeconomic stability, infrastructure development, MSME growth, and the push toward technology and AI adoption, alongside support for skill development, women empowerment, research and development, and knowledge hubs, reflects thoughtful long-range policy direction. This kind of structural planning strengthens consumer confidence and enhances productive capacity across sectors. Even in the absence of direct incentives for the gold industry, measures supporting exports, imports, global market integration, and SEZ ecosystems point to a forward-looking and self-reliant economic vision.

We appreciate the government’s long-term thinking, particularly the continued thrust on inclusive growth. As infrastructure and income levels rise, consumption is expected to deepen significantly across tier 2, tier 3, tier 4 cities, and smaller towns, which will be a key driver for organised retail and jewellery demand. For a company with a strong business focus and manufacturing base in eastern India, the emphasis on skilling and regional development is especially encouraging, as it will help expand the workforce and bring more professionally trained talent into the sector.

With gold and silver markets witnessing strong investment interest ahead of the Budget, the absence of specific sector measures also creates an opportunity for closer industry-government collaboration on future frameworks that encourage innovation, value addition, and formalisation. Overall, this is a strategically oriented, long-term Budget that supports sustainable and broad-based economic growth.

Jignesh Mehta, MD and Founder, Divine Solitaires

“While the Finance Minister’s long-term focus on infrastructure development, skill development, and AI/technology-enabled growth elevate the manufacturing ecosystem at a broader level, the absence of key announcements for the natural diamonds industry and the Gems & Jewellery sector was a disappointment.

We were expecting more targeted reforms, given India’s position as one of the largest diamond manufacturing and processing hubs globally. While macro-level investments in skills, labour, and technology are welcome, sector-specific policy support would have gone a long way in strengthening competitiveness, employment, and long-term value creation for the industry.”

Mr. Kaushlendra Sinha, CEO, Indian Association for Gold Excellence and Standards (IAGES)

“The Union Budget’s focus on economic stability, formalisation, and structural strengthening provides a constructive backdrop for India’s gold ecosystem. At a time of elevated gold and silver price volatility, the industry’s commitment through IAGES to transparency, trust, governance, and recognised standards across the value chain is critical to sustaining consumer confidence and long-term resilience. As demand expands nationwide, including fast-growing markets beyond metros, aligning businesses with excellence and compliance benchmarks will help build a more credible, competitive, and globally respected gold industry.”