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Gold Duty Hike Hits Jewellery Shares
Gold Duty Hike Hits Jewellery Shares; Kalyan Jewellers Drops Over 4%
India raises gold and silver import duty to 15 percent from 6 percent, jewellery stocks like Kalyan Jewellers and Titan fall, MCX gold and silver hit upper circuits
Jewellery stocks came under selling pressure on Wednesday after the Centre raised import duty on gold, silver and other precious metals through a late-night Finance Ministry notification, a move that is likely to increase import costs and impact demand sentiment in the sector.
Among major players, shares of Kalyan Jewellers fell 4.33% to Rs 346.15, making it the top loser among listed jewellery firms. Titan Company slipped 0.43% to Rs 4,037.80, while Senco Gold traded 0.19% lower at Rs 312.15.
Under the revised structure, effective May 13, the government has imposed a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports, taking the total effective duty to 15% from the earlier 6%.
The updated notification also includes platinum, jewellery findings and several precious metal-related industrial imports. The step is seen as part of the government’s broader strategy to curb non-essential imports and protect foreign exchange reserves amid rising global uncertainty.
Meanwhile, bullion prices on MCX witnessed a sharp rally after the announcement, with gold and silver contracts hitting upper circuits as traders reacted to the sudden jump in import duties.
Source: News18.com
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