Jewellery stocks slide up to 6% as govt doubles gold, silver import duty to 10%
Sky Gold (-5.88% to Rs 447.8) and Kalyan Jewellers (-5.87% to Rs 340.55) led the selloff after the Centre hiked import duty on gold, silver and platinum to 10%. PN Gadgil fell 4.1%, Titan 1.34%. PM Modi's call to curb non-essential gold buys to ease forex outflows compounded sentiment damage.
What happened
Sky Gold · Jewellery stocks fell sharply on May 13, 2026 after the government doubled import duty on gold, silver, platinum to 10%. PM Modi urged Indians to
Key facts
- import duty hike to 10%
- Sky Gold -5.88% to Rs 447.8
- Kalyan -5.87% to Rs 340.55
- PN Gadgil -4.1% to Rs 601.6
- Titan -1.34% to Rs 4,001
- Senco Rs 302.05
Why this matters
Distressed valuations in mid-tier jewellers (Sky Gold, PN Gadgil) open a 6-9 month window to evaluate bolt-on targets with integrated refining or domestic sourcing that structurally sidestep the import duty drag.