Gold, silver duty hike to 15% triggers third-day selloff in jewellery stocks; Kalyan Jewellers down 6%
Import duty hike on gold and silver to 15% and platinum to 15.4% sent jewellery stocks tumbling for a third session. Sky Gold fell 11.1%, Kalyan Jewellers 6%, Senco Gold 4.3%, and PC Jeweller 3.65%. Kalyan faced added pressure from exclusion from the MSCI Standard Index, while gold and silver futures jumped 7-8%.
What happened
Import duty on gold/silver hiked to 15% and platinum to 15.4%, sending jewellery stocks down for third day; Kalyan Jewellers also excluded from MSCI Standard
Key facts
- Sensex +356.60 (0.48%) to 74,915.84
- Nifty +130.50 (0.56%) to 23,510.75
- Gold/silver duty hiked 6% to 15%
- Platinum duty doubled to 15.4%
- Sky Gold -11.11%
- Kalyan Jewellers -6%
- Senco Gold -4.30%
- PC Jeweller -3.65%
- Titan -1.64%
- Gold/silver futures +7-8%
- Vegetable oil imports +13% to 7.94 MT
- Maruti Rs 1,372 cr green rail investment
Why this matters
Duty-driven valuation resets may open opportunistic M&A windows for well-capitalized players to consolidate smaller regional jewellers under stress.