Jewellery Stocks Soar 4% as Budget Maintains Excise Duty on Gold

• Jewellery stocks like Titan and Kalyan Jewellers rose up to 4% after the Union Budget 2026 did not increase customs duty on gold.
• The basic customs duty on gold was previously reduced from 15% to 6% in July 2024 to curb smuggling and improve affordability.
• Industry participants had feared higher customs duty would negatively impact demand and pricing in the short term.
• Stakeholders advocate for rationalizing import duties on raw materials (gold, silver, platinum, gemstones) to boost competitiveness.
• The Gem & Jewellery Export Promotion Council had requested further reduction in import duty on gold and lower GST to 1.25%.

Why It Matters: Jewellery stocks surged as the Union Budget maintained gold excise duty, easing industry concerns.