Gold Duty Hikes Stir Jewellery Stocks Amid Market Turmoil
Jewellery stocks showed mixed reactions following the government's decision to hike import duties on gold and silver from 6% to 15% to address the rising import bill. This measure, amidst the West Asia crisis, led to significant drops in stocks like Sky Gold, whereas others, such as Senco Gold, climbed.
Jewellery stocks concluded with mixed results on Wednesday, reflecting market uncertainty after the government's hike in import duties on gold and silver from 6% to 15%.
Sky Gold saw a dramatic drop of 7.24%, while Kalyan Jewellers and Tribhovandas Bhimji Zaveri also faced downturns. However, stocks like Senco Gold and Titan Company saw a rise.
The duty adjustment aims to curb the import bill amid a surge in inbound shipments due to the West Asia crisis, with India being the second-largest gold consumer globally.
(With inputs from agencies.)
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- import
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- hikes
- Sky Gold
- Kalyan Jewellers
- West Asia
- Prime Minister Modi
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