Jewellery stocks fall up to 11% as government hikes import duty on gold, silver to 15%

Shares of jewellery are under pressure on Wednesday, May 13, 2026, after the government increased import duties on gold and silver to 15 per cent. From Kaylyan Jewellers to Secon Gold, shares of jewellery companies edged lower by up to 11 per cent after the increase in import duty resulted in a significant increase in prices of precious metals. Jewellery stocks are facing selling pressure for the third consecutive day today amid fears of reduced demand due to import duty hikes. However, experts view the increase in gold and silver prices today as more of a mechanical re-pricing to a new import parity than a fundamental rally.

The government on Wednesday hiked import duties on gold and silver to 15 per cent from 6 per cent as part of measures to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.

Sky Gold And Diamonds

Shares of Sky Gold And Diamonds tumbled 11.11 per cent today. The counter opened gap down with a loos of 3.87 per cent at Rs 456.95 and later touched the intraday low of Rs 422.50. Stock has been losing for the last three days and has fallen 19.02 per cent in the period.

Kalyan Jewellers India

The counter opened gap down at Rs 346.25, a fall of 4.34 per cent from the previous close of Rs 361.95 on the BSE. Amid profit booking, it fell to touch an intraday low of Rs 340.10, also the 52-week low of the counter. The 52-week high of the stock is Rs 617.30. 

Senco Gold tanked 4.30 per cent, 

The stock opened with a loss of 4.3 per cent at Rs 299.20 against the previous close of Rs 312.65 on the BSE. However, it later rebounded to touch the high of Rs 328.70.

Titan Company 

Similarly, the stock opened in red at Rs 4,043.95, down from the previous close of Rs 4,054.05. It fell further to touch the low of Rs 3,987.55 before rebounding to hit the high of Rs 4,110.60 on the BSE.

PM Modi's austerity call

Earlier on Sunday, Prime Minister Narendra Modi made a clarion call for curbs on gold purchases, along with other austerity measures to save on foreign exchange.

The Finance Ministry, in a notification, hiked the social welfare surcharge (SWS) and the agriculture infrastructure and development cess (AIDC), effective May 13.

India is the world's second-biggest gold consumer after China. The imports are largely driven by the jewellery industry.