Gitanjali Gems (down 19.99%), Tribhovandas Bhimji Zaveri (down 11.95%), PC Jeweller (down 9.57%), Shree Ganesh Jewellery House (down 9.34%), Tara Jewels (down 6.44%), Rajesh Exports (down 5.34%), Winsome Diamonds and Jewellery (down 3.87%), C Mahendra Exports (down 3.25%), Thangamayil Jewellery (down 1.48%) and Titan Industries (down 0.74%), edged lower.
The BSE Sensex was down 134.66 points, or 0.72% at 18,639.58.
Spot gold prices are under pressure on the back of depreciating rupee against the dollar and worries over early end to the stimulus by the US Federal Reserve.
On the multi commodity exchange (MCX), Gold August contract was trading at Rs 26,708 per 10 gram, down Rs 312, or 1.15%.
Gold demand has also slowed in India following measures taken by the government to curb gold imports.
Earlier this month, the government raised the import duty on gold by 2% to 8%. The Reserve Bank of India (RBI) later clarified that all imports of gold for domestic consumption, either through banks, nominated agencies or directly can be made only with 100% cash margin. The RBI also prohibited credit of any kind from suppliers, or bullion banks for import of gold for domestic use.
More From This Section
The government and the RBI have taken several measures in the past few months to tame gold imports, which is partly blamed for the widening of the current account deficit (CAD). CAD, the difference between inflow and outflow of foreign currency, touched an all-time high of 6.7% of the gross domestic product (GDP) in the quarter ended December 2012.
Powered by Capital Market - Live News