Jewellery definition clarifies that ornaments and loose precious stones are included for income tax classification and valuation purposes. For purposes of section 2(14)(ii)(a) of the Income tax Act, 1961, Jewellery includes ornaments of gold, silver, platinum or other precious metals or alloys containing such metals, whether or not they contain precious or semi precious stones and whether or not worked or sewn into wearing apparel; and precious or semi precious stones themselves, whether or not set in furniture, utensils or other articles, or worked or sewn into wearing apparel.