Jewellery stocks rise by up to 8% as 18-day strike ends

Jewellers block the road during a protest against hike in excise duty on gold in Mirzapur Photo courtesy: PTI

A saleswoman shows a gold earring to customers at a jewellery showroom in Mumbai. Photo: Reuters

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.

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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.