Jewellery stocks sparkle with upto 13% gains as FM cuts customs duty on gold and silver

Jewellery stocks surged up to 13% on Tuesday after Finance Minister Nirmala Sitharaman announced a reduction in customs duty on gold and silver to 6% and on platinum to 6.4% during her Budget Speech. She stated, "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% and that on platinum to 6.4%."