Shares of frontline jewellery companies are under hammer and trading lower by up to 12% on concerns that a frequent rises in gold import duty and the sustained depreciation of the Rupee against the dollar may dampen the growth of the sector.
Tara jewels,TBZ,Gitanjali are down in the range of 2-17% on the BSE. The Government increased duty on gold from 6% to 8%, this was the second time in six months that the duty was raised. In january,the government has raised the duty to 6% from 4%.
Tara jewels has dipped by 3.35%,TBZ is down by 4%,Gitanjali has tanked 3.79%.
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