Budget 2024: Jewellery Stocks Shine On Proposal To Cut Gold Customs Duty

Most jewellry stocks rose on Tuesday after the government proposed to reduce customs duty on gold, silver, and platinum.

The customs duty on gold and silver will be reduced to 6%, and those for platinum will be cut to 6.4%, said Finance Minister Nirmala Sitharaman while presenting the Union Budget 2024. The move is to facilitate domestic value addition, she said.

Tribhovandas Bhimji Zaveri Ltd. led the rally among gold stocks, surging 13.08% to Rs 154.30 apiece. This was followed by Senco Gold Ltd. which jumped 11.97% to Rs 1,054.35 apiece. Shares of Titan Co. rose 7.24% to Rs 3,490 apiece, while Rajesh Exports Ltd. gained 8.25% to trade at Rs 322.20.

That compares to a 0.18% decline in India's benchmark Nifty 50 as of 2:13 p.m.