Not surprisingly, Gitanjali Gems hit the 20% upper circuit in the morning trades itself, locked at Rs.60.10. Volumes are up almost 2.5 times.

This stock and all jewellery stocks are up in the green today, reacting to RBI easing gold imports and doing away with the 20:80 scheme wherein 20% of gold imported had to be mandatorily exported before importing more.  Jewellers are happy, mainly about scrapping the 20:80 scheme as it would not mean they do not need to store imports in bonded warehouses till proof of earlier exports were shown and cleared by the customs department. The main reason for this easing, is to put a check on the growing menace of gold smuggling which grew manifold after these restrictions came in.