Jewellery stocks in focus today as govt tightens silver import rules

Wed June 03 2026

Shares of jewellery firms are in focus today after the government further tightened silver import norms by making a valid import authorisation from the Directorate General of Foreign Trade (DGFT) mandatory for specified import channels.

The move comes less than a month when on May 13 the government more than doubled the import duty on gold and silver, raising it to 15% from 6% in order to reduce the country's dependence on overseas metal purchases and ease pressure on its foreign exchange reserves. 

Shares of listed jewellery brands Titan, Kalyan Jewellers, PC Jeweller and Senco Gold among others are expected to be affected today by the government's latest move. Shares of metal firms such as Vedanta, Hindustan Zinc, Nalco, Hindalco, SAIL, Jindal Steel, JSW Steel, NMDC and Lloyds Metals are also likely to be affected. 

The government has tightened silver import norms, making import authorisation from the Directorate General of Foreign Trade (DGFT) mandatory for all eligible importers. According to a notification issued on Tuesday, silver imports by RBI-nominated agencies, DGFT-authorised entities, and qualified jewellers sourcing the metal through the India International Bullion Exchange (IIBX) will now be allowed only after obtaining a valid DGFT import licence.

Import of silver (including silver plated with gold or platinum), unwrought or in semi manufactured forms, or in powder form, powder, grains, and containing 99.9 per cent or more by weight of silver, "through nominated agencies notified by the RBI, in the case of banks, by the DGFT, in case of other agencies, any by qualified jewellers as notified by the IFSCA for import through India International Bullion Exchange (IIBX), wherever allowed, shall be permitted only against a valid import authorisation issued by the DGFT," a notification of the directorate said.

Source: https://www.businesstoday.in/