Jewellery stocks in focus today as govt tightens silver import rules
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.
- Jun 3, 2026,
- Updated Jun 3, 2026 8:43 AM IST
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.
FAQs
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Why are jewellery stocks like Titan and Kalyan Jewellers in focus today?
Jewellery stocks are in focus because the government has tightened silver import rules and made a valid DGFT import authorisation compulsory for specified import channels. This may affect raw material availability, import costs and overall sentiment for jewellery companies.
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What is the latest change in silver import norms announced by the government?
The government has made it mandatory for eligible importers to obtain a valid import licence from the Directorate General of Foreign Trade before importing silver through permitted channels. This applies to RBI-nominated agencies, DGFT-authorised entities and qualified jewellers importing via IIBX, wherever allowed.
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How does the new silver import rule affect jewellery companies in India?
The new rule can increase compliance requirements and may slow procurement if approvals take time. For jewellery companies, this could influence inventory planning, input costs and near-term market sentiment.
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What was the earlier decision on gold and silver import duty in May 2025?
On May 13, the government raised the import duty on gold and silver to 15 percent from 6 percent. The step was aimed at reducing dependence on overseas metal imports and easing pressure on India’s foreign exchange reserves.
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Which companies and sectors could be impacted by the tightened silver import policy?
Listed jewellery firms such as Titan, Kalyan Jewellers, PC Jeweller and Senco Gold may be impacted. Metal and mining companies including Vedanta, Hindustan Zinc, Nalco, Hindalco, SAIL, Jindal Steel, JSW Steel, NMDC and Lloyds Metals are also likely to remain in focus.
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.