Jewellery stocks slide up to 6% as govt doubles gold, silver import duty to 10%
Sky Gold (-5.88% to Rs 447.8) and Kalyan Jewellers (-5.87% to Rs 340.55) led the selloff after the Centre hiked import duty on gold, silver and platinum to 10%. PN Gadgil fell 4.1%, Titan 1.34%. PM Modi's call to curb non-essential gold buys to ease forex outflows compounded sentiment damage.
Jewellery stocks fell sharply on May 13, 2026 after the government doubled import duty on gold, silver, platinum to 10%. PM Modi urged Indians to avoid non-essential gold purchases to curb forex outflows.