India Budget: Gold, silver customs duty slashed, making them cheaper; jewellery stocks gain
India Budget: Gold customs duty to be slashed
India Budget 2024: Indian Finance Minister Nirmala Sitharaman on Tuesday (Jul23) slashed customs duty for gold and silver while presenting the budget. This will make the import of gold cheaper, and increase the domestic demand for the yellow metal. Stocks related to gold, silver, other precious metals and jewellery reacted mostly positively to the announcement.
Gold, silver custom duty cut: What was proposed in India Budget 2024?
Sitharaman in her budget speech proposed a 6 per cent basic customs duty on gold and silver, and 6.4 per cent forplatinum. Earlier, the duty for gold and silver was at 10 per cent. Sitharaman also proposed the removal of similar duties onferronickel and blister copper. When Agriculture Infrastructure and DevelopmentCess(AIDC) of 5 per cent is factored in, the customs duty on gold and silver will now stand at 11 per cent, as opposed to 15 per cent earlier.
“To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent,” Sitharaman announced while presenting the Union Budget 2024.
How did stock market react to gold customs duty reduction?
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Several jewellery stocks rallied after Sitharaman's proposal, while gold futures on the commodity exchange MCX fell bymore than₹2000 to₹70,350, and silver by₹2500 to₹86,600.
The reduction in customs duty has been a long-standing demand of the precious metals and jewellery industries. Reduction in import cost will increase demand for gold in India, which could eventually drive up prices of the metal globally. That explains the muted sentiment in the commodity exchanges.
Stocks of Titan Company, PC Jeweller, Senco Gold and Thangamail Jewellery were among those that ticked up upon the news.
In fact, PC Jeweller jumped 5 per cent to ₹74.16 and hit the upper circuit cap.
Senco Gold shot up by 6.16 per cent to ₹1,000.80 on the BSE while Rajesh Exports rose 49 per cent to ₹313.90. Titan went up 3.66 per cent to ₹3,371.65. Among other stocks, Tribhovandas Bhimji Zaveri was up 2.79 per cent at ₹140.20, and Kalyan Jewellers rose 1.54 per cent to reach ₹537.05.
(With inputs from agencies)
