Duty hike to 15% batters jewellery stocks; Kalyan -6%, Sky Gold -11% as MSCI exit deepens pain
India's gold/silver import duty jump from 6% to 15% (platinum 15.4%) triggered a third straight selloff across listed jewellers. Kalyan Jewellers slid 6% and faces MSCI Global Standard Index exclusion on May 29; Sky Gold -11%, Senco -4.3%, PC Jeweller -3.65%, Titan -1.64%. Gold/silver futures spiked 7-8%, squeezing demand outlook.
What happened
Indian government hiked gold/silver import duties to 15% and platinum to 15.4%, sending jewellery stocks down for third day; Kalyan Jewellers fell 6% and was
Key facts
- Sensex 74,751.84 (+0.26%)
- Nifty 23,453.75 (+0.32%)
- gold/silver duty 15% (from 6%)
- platinum duty 15.4%
- gold/silver futures +7-8%
- Sky Gold -11.11%
- Kalyan Jewellers -6%
- Senco Gold -4.30%
- PC Jeweller -3.65%
- Titan -1.64%
- India VIX +4%
- Brent +48% since Feb
- HPCL dividend Rs 19.25/share
- Maruti Rs 1,372 cr green rail
- Zoho Rs 70 cr ONDC
Why this matters
Distressed multiples on Sky Gold (-11%) and mid-tier peers like Senco and PC Jeweller open a 6-12 month window for consolidation plays, particularly regional chains with stressed working capital tied up in pre-duty inventory.