Budget 2024: FM Sitharaman Announces Reduction in Gold-Silver Custom Duty, Know Expert Suggestion on This Reform

Budget 2024: On July 23, Finance Minister Nirmala Sitharaman announced that the basic customs duty on gold and silver would be reduced from 10% to 6% in India's Budget 2024-25. Following this, shares in jewellery companies surged, rising up to 12% on the BSE. Following the announcement of a reduction in import duties on gold and silver, shares of jewellery companies have risen. In this video, our expert advisor Mr. Raghavendra Kedia share insights on what affect it will have on the jewellery industry, and many other important aspects. 

How Market Will React?

India is the world’s second largest gold consumer, and imports account for the vast majority of its demand. However, the duty reduction will reduce the price differential between domestic and foreign gold, resulting in a decrease in illegal imports. In the jewellery industry, shares of Senko Gold rose 12% to Rs 1054.75, and trading increased fivefold. Titan Company's shares rose 7% to Rs 3484.90, while Kalyan Jewellers' shares rose 4% to Rs 550.