Jewellery stocks sparkle as govt rolls back 1% TCS on gold buy

Moneycontrol BureauGems and jewellery stocks are buzzing on buyers’ radar as the government has rolled back its Budget decision to apply 1 percent tax on cash purchase of gold jewellery. The government has also raised threshold to earlier Rs 5 lakh with effect from June 1.Earlier, Finance Minister Arun Jaitley's proposal for 1 percent excise tax on non-silver jewellery had sparked nationwide strike of 45 days by jewellers.  Meanwhile, shares of Titan jumped 4 percent also because it will be added to MSCI India index from June 1 which will entail inflows of USD 98 million. Other jewellery stocks like Gitanjali Gems, PC Jeweller, Shree Ganesh, Tribhovandas Zaveri were up 1-5 percent.