Shares of jewellery companies advanced on Monday after jewellers on March 19 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.
Shares of Titan Company, Tribhovandas Bhimji Zaveri, PC Jeweller and Gitanjali Gems ended up by 1.24 per cent per cent, 10.53 per cent, 3.22 per cent and 7.10 per cent, respectively.
Jewellers went on strike from the start of March after the government announced an excise duty in the 2016-17 budget.
Jewellers are also opposed to mandatory quoting of PAN by customers for transactions of Rs 2 lakh and above.
The strike by jewellers, which ended on Saturday night, is estimated to have caused loss of Rs 60,000-70,000 crore to the industry.
The size of the gems and jewellery industry has grown to Rs 3.15 lakh crore and contributes 3.5 per cent to the GDP even as it is still an unorganised sector which employs 4.5 million skilled workers.
(With agency inputs)