Shares of 10 jewellery companies rose by 1.63% to 18.58% at 15:10 IST on BSE on expectations of pick up in jewellery sales in the upcoming festive season.
PC Jeweller (up 18.58%), Shree Ganesh Jewellery House (up 15.86%), Tara Jewels (up 13.43%), Tribhovandas Bhimji Zaveri (up 11.10%), Gitanjali Gems (up 7.27%), Rajesh Exports (up 6.79%), Thangamayil Jewellery (up 4.27%), C. Mahendra Exports (up 3.41%), Titan Company (up 3.34%) and Winsome Diamonds (up 1.63%), edged higher.
The S&P BSE Sensex was up 132.95 points, or 0.49% at 27,223.37.
Gold and silver prices declined in Asian trading hours on Monday, 22 September 2014. Gold prices declined to their lowest in eight-and-a-half months and were trading at $1,212 an ounce. At India's MCX, gold for delivery in October 2014 was down Rs 87, or 0.33%, to Rs 26,409 per 10 grams.
Fall in gold prices could trigger surge in demand for gold jewellery ahead of the year-end festivals like Diwali, Dhanteras and wedding season.
Shradh, a cultural period in India deemed inauspicious for buying precious metals, is ending on 24 September 2014, which can prompt some pent up buying in gold.
Meanwhile, some of the days considered auspicious according to the Hindu calendar 2014 for gold purchases in India are, 16 October 2014 - Gurupushyamrit, 21 October 2014 - Dhanetras, 23 October 2014 - Laxmi Pujan, 24 October 2014 - Diwali, 25 October 2014 - Bhaubij Festival, 13 November 2014 - Gurupushyamrit and 10 December 2014 - Pushyanakshatra.
Typically, the wedding season runs from November to February in India.
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