Shares of Kalyan Jewellers declined more than 6% in early trade on Wednesday, May 13, after the Central government announced a sharp increase in customs duty on several precious metal-bearing imports.
As of 9:19 AM IST, Kalyan Jewellers shares were trading near the day’s low of Rs 340.55 on the NSE, compared to the previous close of Rs 361.80. The stock opened at Rs 351 and touched an intraday high of Rs 351.05. Live traded volume stood at over 55.87 lakh shares.
The sharp fall in the jewellery stock came after the Ministry of Finance issued a notification on May 12, 2026, revising customs duty rates on multiple categories of precious metal waste, scrap and ash imports.
Under the revised structure, customs duty has been increased from 5% to 10% on several precious metal-bearing imports, with the new rates becoming effective from midnight tonight. The notification also introduced updated duty rules for spent catalyst and ash containing precious metals.
The move is expected to increase raw material procurement costs for jewellery companies and refiners that rely on imported precious metal-bearing materials, leading to negative sentiment across jewellery counters.
The sector was already under pressure earlier this week after Narendra Modi urged citizens to avoid unnecessary gold purchases for one year and focus more on productive economic participation and conservation efforts. The Prime Minister’s remarks had triggered selling pressure in jewellery-related stocks.
Kalyan Jewellers shares have now fallen sharply from their 52-week high of Rs 617.70. Wednesday’s intraday low of Rs 340.55 also marked the stock’s fresh 52-week low.