New Delhi, April 17 : Shares of Kalyan Jewellers India fell sharply on Friday after reports suggested that banks in India have halted fresh imports of gold and silver, triggering concerns across the jewellery sector.

The stock initially dropped nearly 6 per cent during intra-day trade, but later recovered some losses to trade 2.86 per cent lower.

According to reports, large quantities of precious metals are currently stuck at customs as a formal government order authorising bullion imports has not yet been issued.

The situation has also impacted silver imports, with around 8 tonnes reportedly awaiting customs clearance.

Kalyan Jewellersâ?? shares were last seen trading at Rs 416.20, down Rs 24.10 or 5.47 per cent.

Meanwhile, shares of Titan Company, which sells jewellery under its popular Tanishq brand, also traded in the red. Titan stock was quoted at Rs 4,415.90, down Rs 45.50 or 1.02 per cent.

Market experts noted that weaker demand from India, one of the worldâ??s largest consumers of gold, could put pressure on global prices of gold and silver.

At the same time, it may help narrow Indiaâ??s trade deficit and lend support to the rupee, which has been among the worst-performing Asian currencies so far this year.

Authorities have already taken steps to ease pressure on the currency, including asking refineries to scale back spot dollar purchases.

The report further highlighted that the suspension of import orders by Indian banks, along with shipments stuck at ports due to the absence of a fresh authorisation order, had not been reported earlier.

Typically, the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, issues an annual directive listing banks authorised by the Reserve Bank of India to import gold and silver.

The previous order, issued in April 2025, was valid until March 31, 2026, and banks are now awaiting a fresh notification.

So far, there has been no official statement from the DGFT regarding the delay.

/IANS