The Reserve Bank of India, in an effort to curb the import of gold, has further >tightened the norms for import of gold in any form including gold coins.
It has mandated that companies importing gold would be allowed to import the yellow metal only after at least 75 per cent of the gold remaining in the bonded warehouse was exported.
The latest attempt by the RBI to curb/rationalise gold imports with an ostensible aim at controlling the Current Account Deficit (CAD), surprisingly did not have any major impact on the jewellery stocks, that have anyhow been beaten down from their peak.
Titan Industries Ltd was down by just Rs 3.55 at Rs 256.25 but the trading volume was a high 7.50 lakh in about 15 minutes of trading. PC Jewellers lost Rs 1.40 to trade at Rs 72.95 and Tribhovandas Bhimji Zaveri shed Rs 6.10 to trade at Rs 192.80.
Shree Ganesh Jewellery House (I) Ltd was almost flat, up by Re 0.05 at Rs 67. Gitanjali Gems, which has been witnessing a steady fall in its share price for the past few weeks, lost another Rs 5.15 to trade at Rs 98. A gainer among the jewellery stocks was Thangamayil Jewellery which was up by Rs 2.70 to trade at Rs 202.