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Jewellery stocks jumps following govts scrapping of gold import rule

by IBNS 30 Nov 2014, 08:50 pm

Mumbai, Dec 1 (IBNS): Jewellery stocks jumped sharply on Monday after the government scrapped a rule mandating traders to export 20 percent of all gold imported into the country, media reports said.

India’s biggest gold company Titan surged over 6.5 percent while Rajesh Exports traded with over 6 percent gains in Monday’s morning trade.

Sources said that falling premiums is good news for consumers as it is likely to boost the demand for jewellery in the country.

India is the world’s second-biggest consumer of gold after China.

Smaller companies which faced difficulty in sourcing gold due to the rule saw huge buying interest on Monday, reports said.