Jewelry Shares Soar After Gold Custom Duty Reduction in Union Budget 2024

Tuesday, 23 July 2024, 08:36

In the Union Budget 2024, the Indian government announced a reduction in the customs duty on gold and silver to 6%. This significant cut is expected to lower domestic prices for these precious metals, potentially driving up demand in the market. As a result, shares in jewelry companies have rallied in response to these favorable changes. The combination of lower costs and increased demand could reshape the jewelry industry in the coming months.

Business-standard — Jewelry Shares Soar After Gold Custom Duty Reduction in Union Budget 2024

Budget Cuts Driving Demand

The Indian government's reduction of customs duty on gold and silver to 6% will impact various sectors.

Impact on Jewelry Shares

Jewelry companies have experienced a rally in their share values.
This move is expected to lower domestic prices.
Increased demand could lead to growth in the jewelry market.

Conclusion

Overall, the duty cut may enhance demand and transform the landscape of the commodity market for gold and silver.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Budget Cuts Driving Demand

Impact on Jewelry Shares

Conclusion

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