All India Gems and Jewellery Federation has urged the government to relook at its decision to make PAN card mandatory for transactions worth two lakh rupees and above. Addressing a press conference in Mumbai yesterday, Federation Director Ashok Minawala claimed that the industry is suffering huge losses as many customers in small towns and rural areas do not have PAN cards. Mr Minawala calimed that their business turnover has dropped by over 30 percent since the restriction came into effect about a month ago. Hence, the jewellery industry has urged the government to make PAN card mandatory on jewellery purchase of over 10 lakh rupees instead of the present 2 lakh rupees.