Jewellery Stocks Soar as FM Maintains Gold, Silver Customs Duty

• Kalyan Jewellers, Titan, and other jewellery stocks surged up to 6% after Finance Minister Nirmala Sitharaman kept customs duty on gold and silver unchanged.
• Kalyan Jewellers India shares gained over 6.5% to Rs 385.3, while Titan Company shares jumped over 4% to Rs 4,143.5.
• Gold imports currently attract a 6% duty (5% BCD + 1% AIDC), and silver imports are taxed at 6% for eligible residents, 36% for others.
• The Centre had previously cut gold customs duty from 15% to 6% effective July 24, 2024.
• Industry experts clarified that the announced reduction in tariff rate from 20% to 10% for personal use goods does not apply to gold and silver jewellery imports.

Why It Matters: Jewellery stocks rallied as the Finance Minister maintained current customs duties on gold and silver.