PC Jeweller gets a go ahead to directly import precious metals

The central government has designated PC Jeweller as nominated agency for direct import of precious metals to be used for domestic business, says a report.

This decision would help the company to reduce its cost to buy precious metals. Now the company would save on the margins paid to banks for buying precious metals. In a filing to the BSE, PC Jeweller informed that the "company, has been designated as Nominated Agency under Paragraph 4A.4 of Foreign Trade Policy 2009-14 (RE-2012), by the Additional Director General of Foreign Trade (CLA), Ministry of Commerce & Industry, Department of Commerce." "This permission makes the company eligible for direct import of precious metals (gold/silver/platinum) for domestic business," it added. PC Jewellers has nearly 50 showrooms across the country, adds a report.