Gold duty hike to 15% lifts Delhi prices to ₹1.56L/10g, but jewellery stocks bleed for third day
India's import duty jump from 6% to 15% pushed Delhi gold +1% to ₹1,56,800/10g and silver +4.53% to ₹2.77L/kg, yet listed jewellers sold off: Sky Gold -11.11%, Kalyan -6%, Senco -4.30%, PCJ -3.65%. Industry flags a 10-15% volume hit as buyers shift to lighter pieces; Senco CEO sees elevated duty lasting ~1 year.
What happened
Kalyan Jewellers · India hiked gold/silver import duty to 15% from 6%, sending domestic prices higher but pressuring jewellery stocks for a third day. Experts
Key facts
- import duty hiked to 15% from 6%
- gold imports $71.98bn in 2025-26, up 24%
- volumes fell 4.76% to 721.03 tonnes
- Delhi gold ₹1,56,800/10g (+₹1,500, ~1%)
- silver ₹2,77,000/kg (+₹12,000, 4.53%)
- IBA 24k ₹1,61,110/10g; 22k ₹1,47,684/10g; silver ₹2,96,030/kg
- MCX June gold +6.34% to ₹1,63,165
- MCX July silver +6.97% to ₹2,98,501
- spot gold -1% to $4,692.64/oz
- spot silver -3.04% to $83.49/oz
- duty cost impact ₹27,000/10g vs ₹13,500 earlier
- Sky Gold -11.11%, Kalyan -6%, Senco -4.30%, PCJ -3.65%, TBZ -1.74%, Titan -1.64%
- volume impact 10-15%
Why this matters
Duty-stressed mid-tier jewellers (PCJ, smaller regionals) become acquisition targets at distressed multiples; simultaneously scan for bolt-on design studios specializing in lightweight/lab-grown lines to future-proof the category mix.