Shares of nine jewellery retailers rose by 4.96% to 18.06% at 9:20 IST on BSE after the Reserve Bank of India late on Friday, 28 November 2014, eased gold import norms in a bid to curb smuggling of the yellow metal.
Gitanjali Gems (up 18.06%), Shree Ganesh Jewellery House (up 13.98%), Tribhovandas Bhimji Zaveri (up 14.59%), PC Jeweller (up 13.74%), Tara Jewels (up 10.12%), Titan Company (up 6.58%), Thangamayil Jewellery (up 7.17%), Rajesh Exports (up 7.56%) and C. Mahendra Exports (up 4.96%), edged higher.
The S&P BSE Sensex was up 100.10 points, or 0.35% at 28,794.09.
The Reserve Bank of India (RBI) in a circular said that the Government of India has decided to withdraw the 20:80 scheme and restrictions placed on import of gold. Accordingly, all instructions issued about the 20:80 scheme stand withdrawn with immediate effect, the RBI said in a notification.
The restriction, dubbed the 20:80 rule, was adopted in August 2013 to keep India's widening current-account deficit in check. The 20:80 scheme required that gold importers be able to prove that at least 20% of the precious metal they brought into the country would become jewelry exports.
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