“The sharp increase in customs duty on gold and silver to 15% is viewed as a near-term negative for jewellery companies, as higher domestic prices are likely to dampen consumer demand and lead to postponed purchases. However, organised players are expected to fare better than smaller unorganised jewellers due to their stronger brands, better inventory management, and higher customer trust.”

ETMarkets Analysis’s track record: 10 graded calls · 95% CI 6–51%