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Jewellery stocks shine, surge up to 5.3%

Press Trust of India  |  New Delhi 

Jewellery stocks today rose up to 5.3 per cent on hopes that gold sales will pick up pace during with the saying PAN will not be mandatory on the purchase of jewellery for over Rs 50,000.

of Tribhovandas Bhimji Zaveri (TBZ) jumped 5.27 per cent, Thangamayil Jewellery surged 5 per cent and soared 3.58 per cent on

Among others, Titan Company gained 3.48 per cent, went up by 1.87 per cent and PC Jeweller rose by 1.40 per cent.

Higher sales are expected on Dhanteras to be celebrated on October 17 this year. Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in North and West

"This is a big relief and there could not have been a better gift than this for both jewellers and consumers," All and Jewellery Federation Chairman Nitin Kandelwal told PTI.

More than jewellers, consumers were affected with the notification as they were not comfortable showing PAN and Aadhaar documents. "The rollback of this order will definitely improve ease of doing business," he said.

In a notification issued on August 23, the had brought jewellery dealers under the purview of the Prevention of Money Laundering Act 2002 (PMLA) and were told to report on buyers making purchases over Rs 50,000. Therefore, PAN and Aadhaar cards were made mandatory as part of 'Know your customer (KYC)' rule.

A decision to revoke the said notification was taken in the GST Council meeting held last week.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 09 2017. 18:28 IST