Shares of jewellery firms rose nearly 4% today after FM Nirmala Sitharaman proposed a reduction of import duty on unpolished diamonds to 5% in her Budget speech.
Shares of leading jewellery maker Titan Company touched an intraday high of Rs 2,416.75, rising 2.37% on BSE. Titan Company stock trades higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages.
PC Jeweller share also rose 2.46% to Rs 27 against previous close of Rs 26.35. The stock trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.
Stock of another listed jewellery firm Tribhovandas Bhimji Zaveri (TBZ) gained 3.65 per cent to Rs 85 against previous close of Rs 82.
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The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.
Stock of listed jewellery firm Tribhovandas Bhimji Zaveri (TBZ) gained 3.65 per cent to Rs 85 against previous close of Rs 82.
The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.
The govt has proposed reduction of import duty on cut and polished diamonds and gemstones to 5 per cent. On sawn diamond, duty has been reduced to nil in order to boost the sector,
Currently, import duty on cut and polished diamonds as well as gemstones is 7.5%.
“To give a boost to the gems and jewellery sector, the customs duty on cut an polished diamonds and gemstones is being cut to 5 per cent. Simply sawn diamond would attract nil custom duty,” the FM said.
