Gold duty hike to 15% lifts Delhi prices to ₹1.56L/10g, but jewellery stocks bleed for third day
India's import duty jump from 6% to 15% pushed Delhi gold +1% to ₹1,56,800/10g and silver +4.53% to ₹2.77L/kg, yet listed jewellers sold off: Sky Gold -11.11%, Kalyan -6%, Senco -4.30%, PCJ -3.65%. Industry flags a 10-15% volume hit as buyers shift to lighter pieces; Senco CEO sees elevated duty lasting ~1 year.
India hiked gold/silver import duty to 15% from 6%, sending domestic prices higher but pressuring jewellery stocks for a third day. Experts suggest rebalancing; industry warns of smuggling and 10-15% volume hit as consumers shift to lighter jewellery.
Why this matters
Third consecutive session of jewellery stock declines for Kalyan, compounding MSCI exit pressure and coming after Q4FY26 data showed volumes down 19% even as value demand rose 47% to ₹99,900cr.
Retail-brand signals steady at 56 in the last 90 days.