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Business News/ Market / Stock-market-news/  Gem and jewellery shares slip on talks of gold import curbs
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Gem and jewellery shares slip on talks of gold import curbs

Titan fell 1.3%, Tribhovandas Bhimji Zaveri 2% and PC Jeweller as much as 3.5%

The government may announce measures to curb gold imports as early as Tuesday evening, Bloomberg reported, quoting a finance ministry official. Photo: BloombergPremium
The government may announce measures to curb gold imports as early as Tuesday evening, Bloomberg reported, quoting a finance ministry official. Photo: Bloomberg

Mumbai: Shares of gems and jewellery companies were trading lower after Reserve Bank of India (RBI) deputy governor S.S. Mundra said on Monday that the central bank was talking to the government to raise curbs on gold imports.

Titan Co. Ltd fell 1.3%, Tribhovandas Bhimji Zaveri Ltd 2% and PC Jeweller Ltd as much as 3.5%. Gitanjali Gems Ltd fell 0.9% and Shree Ganesh Jewellery House (I) Ltd fell 0.6%.

The government may announce measures to curb gold imports as early as Tuesday evening, Bloomberg reported, quoting a finance ministry official.

Last year, the government increased import duty on gold to 10% and made it mandatory for 20% of all gold imports to be held for exports of jewellery as part of its efforts to reduce the import of the yellow metal and consequently narrow the rising current account deficit. Some of these curbs were relaxed in May.

Monday’s trade data showed gold imports in October rose 280% to $4.17 billion from $1.09 billion in the year-ago period. Gold imports have surged in the last two months, mainly on account of the festive season and low global prices.

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Published: 18 Nov 2014, 01:05 PM IST
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