Jewellery stocks shine, gain up to 20% on RBI move

Jewellery stocks on Monday rose sharply by up to 20 per cent on easing of gold import restrictions by the Reserve Bank.

Shares of Shree Ganesh Jewellery House soared 20 per cent, while Gitanjali Gems surged 19.96 per cent and Tribhovandas Bhimji Zaveri zoomed 18.54 per cent on the BSE.

Among others, PC Jeweller jumped 14.93 per cent and Titan Company rallied 8 per cent.

Easing restrictions on gold imports, the Reserve Bank of India had on Friday scrapped the controversial 80:20 scheme, a move which the industry believes will bring down prices of the precious metal.