Jewelery stocks melt as FM refuses to rollback 1% excise hike

NEW DELHI: Shares of branded jewellery makers declined up to 11 per cent in trade on Wednesday after the finance minister said he won’t rollback the proposed 1 per cent excise hike on non-silver ornaments.

Reacting to the development, stocks of Rajesh Exports slumped 11 per cent, PC Jewellers 6 per cent, Tribhovandas Bhimji Zaveri 3.68 per cent and Titan 1.70 per cent on the BSE.

Despite calls for rollback of the proposed excise duty hike from the opposition and jewellers, the FM said that the move was to bring taxes on gold in line with the proposed GST rate as and when it is implemented.

Stocks of jewellery makers has plunged as much as 21 per cent in the year so far.