Jewellery stocks under pressure; down up to 3.5%

Shares of jewellery companies fell as much as 3.5 per cent after the Reserve Bank said it is in discussion with the government to curb gold imports which have seen a sharp surge in the recent months.
PC Jeweller's stock slumped 3.45 per cent, while that of Tribhovandas Bhimji Zaveri fell by 3.16 per cent; similarly shares of Shree Ganesh Jewellery House went down by 1.91 per cent and those of Titan Company Ltd declined 1.28 per cent on the BSE.
Gold import surged almost four times to USD 4.17 billion in October from USD 1.09 billion in the same month a year ago.

"With the surge in gold import which has been witnessed, it warranted a relook. Discussions are still going on between the Reserve Bank of India and the Government of India. Once we know what are the discussions, further view will be taken," RBI Deputy Governor S S Mundra had said yesterday in New Delhi.
Worried over surge in gold imports, the government last week held a meeting to discuss ways to curb the rising inward shipment of the precious metal.
Gold imports have touched 150 tonnes in October as against 24 tonnes a year ago.