Gold duty hike to 15% jolts jewellers; ETFs rally 6.5% as buyers pivot from physical
India's import duty reset from 6% to 15% lifted MCX gold ~₹9,000 to ₹1,62,491/10g and handed gold ETFs a 7-8% MTM pop. Jewellery stocks split: Titan and Senco rose 3.7%, while Sky Gold slid 7% and Kalyan eased 1.85%. Analysts flag 2-3 quarters of ETF and SGB inflows as physical demand cools.
What happened
Sky Gold · India hiked gold/silver import duty to 15% from 6%, triggering 6.5% ETF rally and ~6% MCX gold surge. Jewellery stocks mixed; analysts expect ETF and
Key facts
- import duty raised to 15% from 6%
- gold ETFs up 6.5%
- MCX gold +₹9,000 to ₹1,62,491/10g
- FY26 gold imports $72bn vs $58bn
- Sky Gold -7%
- Kalyan -1.85%
- Senco/Titan +3.7%
- ETF MTM gain ~7-8%
Why this matters
Scout bolt-on deals among stressed mid-tier jewellers and explore ETF/SGB distribution tie-ups to capture the investment-demand migration before competitors lock in channel partners.