Jewellery stocks may glitter

Jewellery stocks may see some buying interest this week after positive feedback from the Government. Stocks have been under selling pressure since the Budget that proposed a one per cent levy on non-branded jewellery for the first time and doubled import duties on gold bars. The 21-day strike ended after the Finance Minister, Mr Pranab Mukherjee, assured that he would consider the demand for the rollback of excise duty favourably. Stocks of Gitanjali Gems, Shree Ganesh Jewellery, White Diamonds, Goldiam International, Su—Raj Diamonds and Zodiac JRD—MKJ, Vaibhav Gems, Suashish Diamonds and Thangamayil have fallen between one and 15 per cent during the period.