VAT-free local jewellery: Budget 2026 levels playing field – Jewellery Association 

…“we can compete with any country now” – King’s Executive Director

The Guyana Jewellery Association (GJA) has welcomed the Government’s decision to remove Value Added Tax (VAT) on locally produced jewellery, describing the measure as a progressive policy shift that will strengthen domestic manufacturing and value addition within the mineral sector.

The announcement was made by Finance Minister, Dr Ashni Singh during the presentation of Budget 2026 to the National Assembly on Monday. According to the Finance Minister, the removal of VAT on locally made jewellery is intended to encourage local value addition and expand opportunities for small and medium-sized enterprises operating in the jewellery-making sub-sector.

In a statement issued on Tuesday, the Board of Directors of the GJA said the measure represents a meaningful investment in Guyana’s local jewellery industry, noting that it reduces both production and consumer costs while improving the competitiveness of Guyanese-made jewellery in the domestic market.
The Association said the policy creates a more enabling environment for local entrepreneurs to expand operations, invest in innovation, and grow their businesses. It also noted that the removal of VAT corrects longstanding structural challenges that previously placed locally manufactured jewellery at a disadvantage when compared wssith imported alternatives.
According to the GJA, the decision reflects the Government’s recognition of the craftsmanship, skill, and creative talent that exists within Guyana’s jewellery sector. The Association highlighted that local jewellers continue to transform the country’s mineral resources into finished products that meet international standards, supported by a high level of technical expertise and artistic excellence
The GJA further noted that its members have consistently raised concerns regarding the application of VAT on locally manufactured jewellery during engagements with policymakers. The Association said it was encouraged to see those concerns reflected in national policy and commended the Government for its responsiveness to industry feedback.

The Board also welcomed the move as a signal of confidence in local artisans, manufacturers, diamond setters, and designers, whose contributions it said play an important role in national development and the strengthening of domestic value chains.
In addition, the Association reaffirmed its commitment to representing all stakeholders within the jewellery industry, including those not yet formally engaged, and signalled its intention to pursue inclusive programmes aimed at supporting both emerging and established professionals.
The GJA said it stands ready to work closely with the Natural Resources Ministry and other relevant agencies to advance complementary initiatives focused on skills development, formalisation, expanded market access, and the long-term, sustainable growth of Guyana’s jewellery sector.
Budget 2026 is themed “Putting People First” and includes a range of measures aimed at supporting local production, entrepreneurship, and economic diversification.
Meanwhile, Harinand Persaud of King’s Jewellery World, speaking on the measure, said local jewellers are very excited about the initiative.
“Well, first of all, I must thank the Government. I think we’re very excited at the removal of the VAT on jewellery. For a number of years, Guyana has been known for its jewellery all over the world. And the removal of this VAT, obviously 40 per cent off now, will make us more competitive.”
He added, “We are going to definitely be able to compete with any other country because now this saving will now go directly to the customers. So we think it’s really forward-thinking action by the Government that invests in the people of Guyana, the creativity, the craftsmanship, the jewellers, and the goldsmiths. It’s been a number of years that we’ve been known for the jewellery. And now, obviously, being competitive, it’s definitely going to put us back on the market.”