Jewellery stocks Monday rose sharply by up to 8% after jewellers called off their 18-day old strike demanding rollback of proposed excise duty on non-silver jewellery.
Shares of Shree Ganesh Jewellery House jumped 7.85%, Gitanjali Gems zoomed 6.62%, Tribhovandas Bhimji Zaveri surged 5.56%, PC Jeweller climbed 5.3% and Titan Company rose 2.1% on BSE.
Read more from our special coverage on “JEWELLERY”
- Rs 6,300 crore business hit in Tamil Nadu, Puducherry due to jewellery strike
- Jewellery as a safety device
- Centre shouldnt strangulate jewellery business: Kejriwal to Modi
- Excise on jewellery to stay, but finance ministry ready to ease rules
- Jewellery demand to rise to 670-685 tonnes in FY17: India Ratings
Jewellers on Saturday called off their 18-day old strike demanding rollback of the proposed excise duty on non-silver jewellery after government assured them that there will be no harassment by excise officials.
Over 3 lakh jewellers from more than 300 associations kept their establishments closed across the country since March 2 after Finance Minister Arun Jaitley in the budget for 2016-17 announced one per cent excise duty on non-silver jewellery.
The 18-day long strike by jewellers is estimated to have caused loss of Rs 60,000-70,000 crore to the industry.