Jewellery stocks gain upto 11% on reports gold curbs may be eased further

NEW DELHI: Jewellery stocks surged upto 11% in intraday trade on Wednesday after news that the government might announce changes as early as this week to a rule mandating so-called star trading houses to export 100 percent of their gold imports.

Gitanjali Gems rallied as much as 11.18 per cent while Tribhovandas Bhimji Zaveri was up 5.33 per cent in intraday trade. PC Jeweller surged 3.59 per cent, while Rajesh Exports and Titan Company were up 3.33 per cent and 1.37 per cent, respectively.

The government on November 28 had scrapped a rule mandating traders to export 20 percent of all gold imported into the country in a surprise move that could cut smuggling and raise legal shipments into the world's second-biggest consumer of the metal after China.