Shares of PC Jeweller rose 19.98% to Rs 124.30 -- its 52-week high. Tribhovandas Bhimji Zaveri stock shot-up 19.98% to Rs 191.80 while that of Gitanjali Gems Ltd zoomed 18.98% to Rs 108.75 on the BSE. Similarly, Rajesh Exports pick upped 15.75% and Shree Ganesh Jewellery House climbed 5%.
The Reserve Bank of India in July last year tighten gold imports in an attempt to rein-in a record high current account deficit by taming demand for the yellow metal.
"Star trading houses/premier trading houses, which are recognized agencies by the Director General of Foreign Trade (DGFT), may now import gold under 20:80 scheme," RBI had said in a notification yesterday.
The central bank had tied imports and exports a prescribed amount formula 20:80. Under this, an importer must ensuring that at least 20 percent of all lots of imported gold is exclusively available for export purposes and the rest for household use. This facility became available for selecting only banks and others were prohibited imports of yellow metal.
The decision to ease the restrictions follows depictions of jewelers, bullion dealers, banks and trade bodies.
"Given these representations and consultations with the Government of India has decided to amend the guidelines for import of gold by banks / agencies / entities nominated," said the RBI.
News By PTI India
Get more Indian bullion & Yellow metal market news & updates with 100 Mcx Tips. Follow our latest gold market tweets @100mcxtips and Like our Facebook profile page : https://www.facebook.com/100mcxtips