Jewellery industry incurs Rs 60K-70K crore loss in 18-day long strike

MUMBAI: The 18-day long strike by jewellers, that complete last night, is calculable to possess caused loss of Rs sixty,000-70,000 large integer to the business.

Meanwhile, a three-member committee has been found out to seem into problems with jewellers and it might submit a report back to the govt among 2 months.

The Gems and jewelry Export Promotion Council (GJEPC) in a unharness said that the 18-day stir caused “losses of Rs sixty,000-70,000 crore” to the business.
The decision to decision off the strike was taken last night when the govt assured jewellers that there’ll be no harassment by excise officers and no ‘inspector raj’, Gems and jewelry Federation Chairman Sreedhar G V told PTI.
The decision was taken nem con by major jewellery associations, as well as GJF, India Bullion and Jewellers Association (IBJA) and Gems and jewelry Export Promotion Council, when they met finance minister Arun Jaitley yesterday relating to the one per cent excise duty planned on jewelry within the Budget.

“It (Excise duty) has not been rolled back, however our grievances are taken care of. The minister of finance has assured United States of America that there’ll be no ‘inspector raj’ and we ar hopeful of obtaining a notification during this regard soon. when long deliberations, all associations united to decision off the stir,” Sreedhar same.