Indian Govt Changes Import Duty on Gold, Silver

The Indian government has changed the import duty on gold to two percent of value from the earlier flat Rs 300 per 10 grams, sending the shares of jewellery makers lower.

The world's biggest importer of bullion has also altered silver import duty to 6% of value from the earlier Rs 1,500 per kilogram, the government said in a statement.

Shares of Rajesh Exports fell nearly 3% after the announcement.