New Delhi, Jan. 27 -- As the Union Budget 2026-27 approaches, India's gems and jewellery industry is calling for a mix of demand-boosting measures, tax rationalisation and structural reforms to navigate price volatility, global trade uncertainty and evolving consumer preferences. Gold and silver prices have been trading at record high levels, making jewellery costlier for consumers.

Gold prices have rallied around 17% this year so far, adding to a 64% jump in 2025, supported by sustained safe-haven demand, robust central bank purchases, US monetary policy easing and record inflows into exchange-traded funds. Silver prices saw a 147% surge last year.

Industry leaders believe targeted policy support could help sustain domestic consumption...