The 18-day-long strike by jewellers, which ended on Saturday night, is estimated to have caused losses of Rs 60,000-70,000 crore to the industry.
<img src="http://images.mid-day.com/images/2014/nov/jewellery-theft.jpg" alt="" width="600" height="394" /> Representational picture
Meanwhile, a three-member committee has been set up to look into issues of jewellers and submit a report to the government within two months.
The Gems and Jewellery Export Promotion Council (GJEPC) in a release said that the 18-day stir caused &ldquo;losses of R60,000-70,000 crore&rdquo; to the industry.
The decision to call off the strike was taken on Saturday night after the government assured jewellers that there will be no harassment by excise officials and no &lsquo;inspector raj&rsquo;, said Sreedhar G V, chairman, Gems and Jewellery Federation.
The decision was taken unanimously by major jewellery associations after they met Finance Minister Arun Jaitley on Saturday over the 1 per cent excise duty proposed on jewellery in the Budget. &ldquo;It (Excise duty) has not been rolled back, but our grievances have been taken care of. Jaitley has assured us that there will be no &lsquo;inspector raj&rsquo; and we are hopeful of getting a notification in this regard soon. After long deliberations, all associations agreed to call off the stir,&rdquo; Sreedhar said. Jewellers were also opposed to the mandatory quoting of PAN by customers for transactions of R2 lakh and above.

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The 18-day-long strike by jewellers, which ended on Saturday night, is estimated to have caused losses of Rs 60,000-70,000 crore to the industry

18-day stir cost jewellery industry Rs 70,000 crore

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Home / Mumbai / Mumbai News / Article / 18-day stir cost jewellery industry Rs 70,000 crore

18-day stir cost jewellery industry Rs 70,000 crore

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