Jewellery stocks shine up to 20% on 80:20 rule scrapping

Jewellery stocks on Monday jumped up to 20 per cent after the Reserve Bank eased restrictions on gold import. Shares of Shree Ganesh Jewellery House soared 20 per cent, while Gitanjali Gems surged 19.96 per cent and Tribhovandas Bhimji Zaveri zoomed 19.28 per cent on the BSE. Among others, Titan Company rallied 5.30 per cent, Thangamayil Jewellery (4.51 per cent), Tara Jewels (3.84 per cent), Rajesh Exports (3.38 per cent) and PC Jeweller (2.78 per cent).

“We believe this move will increase supply of gold in the domestic market and reduce the premium paid on gold,” ICICI Securities said.