Jewellery Stocks Tumble as Government Hikes Gold and Silver Import Duties to 15%

Shares of major jewellery retailers, including

ellers, Senco Gold, ompany, and others, declined sharply today after the Central Government raised customs duties on gold and silver imports, making precious metal imports significantly costlier. The government increased the effective import duty on gold and silver to 15% from the previous 6%, with the new rates effective from midnight. This comprises a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC). The move aims to curb rising imports, ease pressure on India's foreign exchange reserves, and support the rupee amid a widening trade deficit.