Jewellery share prices move up as RBI eases gold import restrictions

The move by Reserve Bank of India (RBI) to lift restrictions for banks and trading houses to import gold coins and medallions, has encouraged prices of jewellery stocks, reports say. The prices rose in the range of 0.5-3 percent, on Bombay Stock Exchange, reports add.

Titan Company’s shares were up 0.56 percent, Tribhovandas Bhimji Zaveri upsclaed by 0.26 percent, Renaissance Jewellery rose by 3.15 percent, Gitanjali Gems by 3.14 percent, Shree Ganesh Jewellery House by 2.92 percent and PC Jeweller by 2.67 percent, reports add. Although RBI has now permitted the said imports, it has not eased restrictions on the sale of gold coins and medallions, by banks, reports say. Also, domestic sales would be permitted against upfront payment only.