India Jewelry Stocks Lose 12% as Modi Targets $72 Billion Gold Import Bill
BeInCrypto
Indian jewelry stocks plummeted after Prime Minister Narendra Modi urged a one-year pause on gold buying to address trade imbalances.Summary
Indian jewelry stocks saw significant declines, with some shares falling up to 12%, following Prime Minister Narendra Modi’s call for a one-year pause on gold purchases. The move aims to curb the country's $72 billion gold import bill, which, alongside high oil imports, has pressured India's forex reserves and the rupee. Investors anticipate that reduced demand during the upcoming wedding season will negatively impact retail revenues and same-store sales growth for major industry players.
(Source：BeInCrypto)