Moneycontrol Bureau
Jewellery stocks rallied between 1-2 percent on Friday on hopes of cut in gold import duty going ahead. Tara Jewels surged 5 percent while Shree Ganesh Jewellery jumped over 2 percent.
Gitanjali Gems, PC Jeweller, Renaissance Jewellery, Tribhovandas Bhimji Zaveri and Rajesh Exports climbed 1-2 percent.
CNBC-TV18 reported that ministry may consider Gems & Jewellery Export Promotion Council's (GJEPC) plea towards reduction of import duty on gold from 10 percent to 2 percent.
Finance Minister P Chidambaram post interim Budget also said the ministry was looking into it.
However, the government raised import duty on the precious metal three times taking it to 10 percent from 2 percent and also made it mandatory to export 20 percent of the total gold imported.
According to gold jewellery makers, the fall in import duty will help companies reduce transaction cost of exports, reduce blocked funds, curb the menace of gold smuggling & avoiding leakages.
| Company | Price at 10:30am | % Change |
| Gitanjali Gems | 64.9 | 1.49 |
| PC Jeweller | 98.45 | 1.97 |
| Rajesh Exports | 78.75 | 1.94 |
| Renaissance Jewellery | 60.9 | 1.92 |
| Shree Ganesh | 28.45 | 2.34 |
| Tara Jewels | 102.6 | 4.96 |
| Thangamayil | 150 | 0.37 |
| Tribhovandas | 128.45 | 1.34 |
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