Kalyan Jewellers, Titan Shares Tumble 6% as Gold & Silver Import Gridlock Hits India

Synopsis: Major jewellery stocks, like Kalyan Jewellers and Titan Company, experienced sharp declines on Friday, April 17, 2026. The sell-off followed a Reuters report that stated Indian banks have stopped new gold and silver import orders because of a delay in government approval.

Investor sentiment worsened as worries about supply shortages grew, especially with Akshaya Tritiya a significant gold-buying festival happening on April 19, 2026 approaching quickly. The regulatory standstill has the industry preparing for a possible shortfall during one of its most important sales periods.

Key players faced a substantial sell-off as the market reacted to the import halt: Kalyan Jewellers: Shares dropped nearly 6%, trading at Rs. 416.20, down by Rs. 24.10.  Titan Company (Tanishq): This industry leader also felt the impact, with shares falling nearly 3% to around Rs. 4,330.  

MMTC (PSU) Rally: In contrast, MMTC (PSU) shares soared 16% to Rs. 71.64. This rise was boosted by market rumors that, while private and commercial banks are under DGFT restrictions, the state-run trading giant might have received special permission to continue bullion imports. This could position it as the main supplier for now.

The current market disruption comes from a regulatory hold-up at the Directorate General of Foreign Trade (DGFT) after bullion import approvals expired on March 31, 2026. Without new guidance for the new financial year, a significant customs backlog has developed, leaving about 5 tonnes of gold and 8 tonnes of silver stuck. As a result, major banks have halted all new overseas orders until the government issues the necessary regulatory clearance.

With Akshaya Tritiya just 48 hours away, the jewellery industry is racing against time. Market analysts believe that while the immediate sell-off shows panic over inventory shortages, the long-term effects will rely on how quickly the DGFT addresses the backlog. For now, everyone is watching New Delhi. A resolution over the weekend could trigger a rapid recovery, but ongoing silence from regulators may force retailers to face one of their toughest festive seasons in recent history.

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