Jewellery stocks shine after RBI lifts ban on gold coin import

Jewellery stocks today ended with good gains after the RBI lifted the ban on imports of gold coins and medallions by banks and trading houses.
Shares of Renaissance Jewellery went up by 3.15 per cent, Gitanjali Gems by 3.14 per cent, Shree Ganesh Jewellery House by 2.92 per cent and PC Jeweller by 2.67 per cent on the BSE.
Titan Company counter inched up by 0.56 per cent and the Tribhovandas Bhimji scrip Zaveri edged 0.26 per cent higher.
These stocks had gained up to 6 per cent in early trade but later gave most of the gains on profit-booking.

The RBI had in a notification yesterday said banks are permitted to import gold on consignment basis. Domestic sales will be, however, permitted against upfront payment only.
"While the import of gold coins and medallions will no longer be prohibited, pending further review, the restrictions on banks in selling gold coins and medallions are not being removed," it had said.
"Banks are free to grant gold metal loans," it had said, adding that Star and Premier Trading Houses (STH/PTH) can import the metal as per entitlement without any end use restrictions.
India is the largest importer of gold, which is mainly utilised to meet the demand of jewellery industry.