Market expert explains gold import duty hike after PM Modi’s appeal to avoid buying gold

本站添加: 2026-05-14

[00:00:00]Government has taken this import duty hike in the gold import. This is because of, you know, to look at in this import which is, you know, taking place from the gold. India is importing gold as well as the crude oil. So, crude oil is again, you know, another factor which is not in control because of geopolitical. But what government can do is they can control some, you know, gold import. Prime Minister has already urged and made appeal in last couple of days that, you know, try to avoid gold buying to, you know, to maintain our, you know, foreign reserves. This will definitely going to impact jewelry industry because, you know, if, you know, people start, you know, reducing their gold purchase, so it's going to impact the jewelry companies. On other hand, it will try to, you know, maintain the foreign reserves. That is the the important aspect for this measures to, you know, takes place. I welcome you to our session today to have a discussion on the ongoing corrections in the market. My name is Nikhil Data and I'm a business journalist from ANI.

[00:01:15]So, sir, my first question to you, government has recently increased the import duty on gold. So, sir, what will be the impact on the market and how do you see the government's move?

[00:01:28]Yeah, hi. So, the measures the government has taken this import duty hike in the gold import. This is because of, you know, to look at in this import which is, you know, taking place from the gold because, you know, India is importing gold as well as the crude oil. So, crude oil is again, you know, another factor which is not in control because of geopolitical. But what government can do is they can control some, uh, know, gold import. So, Prime Minister has already urged and made appeal in a last couple of days that, you know, try to avoid gold buying to, you know, to maintain our, you know, foreign reserves.

[00:02:11]So, this will definitely going to impact jewelry industry because, you know, if, you know, people start, you know, reducing their gold purchase, so it's going to impact the jewelry companies, especially like company like Titan, Kalyan Jeweller, all other, you know, jewelry listed companies.

[00:02:31]So, that is the immediate impact is going to take place, but yes, on other hand, it will try to, you know, maintain the foreign reserves. That is the the important aspect for this measures to, you know, take place. So, I think this is the prime object how government can, you know, maintain their, you know, dollar reserves or foreign reserves by curtailing this gold import. So, this is the one major they have taken.

[00:03:05]Earlier, they were not in, you know, in opinion to hike any import duty, but [clears throat] looking at the scenario and as the geopolitical tension is prolonged and our currency is continuously, you know, weakening compared to dollar. So, I think this is the high time for the government also to take these kind of bold step and that's why they have taken this step. So, going forward, immediate knee-jerk reaction we will see in the gold prices. It will shoot up and that's we have already seen that, you know, gold and silver both have, you know, shown some spike up.

[00:03:44]But on the other hand, the jewelry companies may take a hit. So, I think for next couple of month I think we may see pressure in the jewelry company as their business will shrink because of this gold prices are already moved up and the government prime minister is already made a statement to you know cut down there you know gold investment. So this would impact the gold jewelry companies.