India. Second largest consumer of Gold & Silver slashes import premiums; Jewelry Stocks Surge

Retail demand Will Spike Eliminating Silver Stockpiles by 2025. Silver Miners we endorse up to 10 time return.

THE SILVER ACADEMY

JUL 23, 2024

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1. INDIA SLASHES IMPORT TAXES ON GOLD AND SILVER

2. Import duties were reduced by 60%

3. Import duties were 15% for Gold and Silver now set at 6%

4. India instituting a Silver Squeeze

5. Shanghai Vaults could be drained in less than 30 days as part of this dedollarization strategy

6. Retail demand Will Spike Eliminating Stockpiles by 2025

Silver is on the Brink of Extinction

India’s Jewellery Stocks Surge on Gold and Silver Duty Cut

Key Points:

• Finance Minister Nirmala Sitharaman announced a reduction in basic customs duty on gold and silver to 6%

• Jewellery stocks experienced significant gains following the announcement

• The duty reduction has been a long-standing demand of the gems and jewellery industry

Stock Performance:

• Senco Gold: Up 6.16% to ₹1,000.80

• Rajesh Exports: Surged 5.49% to ₹313.90

• PC Jeweller: Jumped 5% to ₹74.16 (upper circuit limit)

• Titan Company: Climbed 3.66% to ₹3,371.65

• Tribhovandas Bhimhji Zaveri: Rose 2.79% to ₹140.20

• Kalyan Jewellers India: Gained 1.54% to ₹537.05

Additional Budget Measures:

• Basic customs duty on platinum reduced to 6.4%

• Removal of basic customs duty on ferro nickel and blister copper