Jewellery stocks today rose sharply by up to 8 per cent 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 per cent, Gitanjali Gems zoomed 6.62 per cent, Tribhovandas Bhimji Zaveri surged 5.56 per cent, PC Jeweller climbed 5.3 per cent and Titan Company rose 2.1 per cent on BSE. Jewellers on Saturday called off their 18-day old strike demanding rollback of 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.