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Jewelers Rally After India Anti-Money-Laundering Rule Reversal - Bloomberg

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Shares of jewelers climbed in India after the government withdrew an order that brought the industry under anti money-laundering legislation, a move that comes just as gold buying improves before the Hindu festival of Diwali, the peak season for demand.

Jewelers were included in the Prevention of Money-Laundering Act in August, increasing compliance requirements. Buyers have been shying away from making purchases as they had to provide their income tax identity for transactions above 50,000 rupees ($766), hindering high-value deals.

From Jewelers Rally After India Anti-Money-Laundering Rule Reversal - Bloomberg

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