Jewellery Stocks Witness Selling Pressure For 3rd Day; Sky Gold, Kalyan Jewellers Shares Tank

Jewellery stocks: The shares of companies dealing in gold and Jewellery witnessed selling pressure for the third consecutive session on Wednesday after the Indian government hiked import duty on gold to 15 per cent from earlier 6 per cent. SKY Gold, Kalyan Jewellers and other stocks from the jewellery sector plummeted up to 11 per cent in early trade amid fears of a fall in demand due to import duty hikes.

Earlier in the morning, the Ministry of Finance announced a hike in import duties on gold and silver to 15 per cent from 6 per cent. The move is part of measures that are being taken to curb imports of precious metals amid a rising import bill due to the West Asia crisis.

Jewellery Stock Today

SKY Gold Share Price: In early trade, shares of Sky Gold and Diamonds tumbled over 11 to hit an intraday low at Rs 421.65. Last seen, the stock was trading at Rs 450.60, down Rs 25.20 or 5.30 per cent

Kalyan Jewellers Share Price: The shares of Kalyan Jewellers plunged over 6 per cent in early trade. AT the time of writing, the shares were trading at Rs 352.45, down Rs 9.35 or 2.58 per cent.

Senco Gold Share Price: The shares of Senco Gold Ltd fell in early trade. However, it erases early losses to trade in positive territory. At the time of writing, the stock was trading at Rs 326.50, up Rs 13.75 or 4.40 per cent.

PC Jeweller shares edged lower by 3.65 per cent in early trade; however, the stock recovered the early losses to trade in green. Last seen, the stock was quoted at Rs 8.58, up Rs 0.11 or 1.30 per cent.

Titan Share Price: The shares of the Tata Group firm dipped over 1.5 per cent in early trade.

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PM Modi's Appeal 

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