Jewellers have called off their 18-day strike demanding rollback of proposed excise duty on non-silver jewellery after government assured them that there will be no harassment by excise officials. Jewellers Associations decided to call off the strike after meeting Finance Minister Arun Jaitley in Mumbai regarding the 1 per cent excise duty proposed on jewellery in the budget. The Associations include All India Gems and Jewellery Trade Federation (GJF), India Bullion and Jewellers Association (IBBJ) and Gems Jewellery Export Promotion Council.<br/> <br/>GJF Chairman Sreedhar GV said, after long deliberations, all associations agreed to call off the stir. The gems and jewellery industry is estimated to have incurred over 25,000 crore rupees loss during the last 18 days.

Jewellers yesterday 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. Major jewellery associations, including All India Gems and Jewellery Trade Federation (GJF), India Bullion and Jewellers Association (IBBJ) and Gems Jewellery Export Promotion Council decided to call off the strike after meeting Finance Minister Arun Jaitley regarding the excise duty proposed on jewellery.<br/><br/>AIR correspondent reports, All India Gems and Jewellery Trade Federation GJF Chairman Sreedhar G V said that the Finance Minister has assured the jewellers that there will be no 'inspector raj' and they are hopeful of getting a notification in this regard. He added that after long deliberations, all associations agreed to call off the stir. Over 3 lakh jewellers from more than 300 associations kept their establishments closed across the country since March 2 after the Finance Minister in the budget for 2016-17 announced one per cent excise duty on non-silver jewellery.

Jewellers yesterday 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. Major jewellery associations, including All India Gems and Jewellery Trade Federation (GJF), India Bullion and Jewellers Association (IBBJ) and Gems Jewellery Export Promotion Council decided to call off the strike after meeting Finance Minister Arun Jaitley regarding the excise duty proposed on jewellery.<br/><br/>AIR correspondent reports, All India Gems and Jewellery Trade Federation GJF Chairman Sreedhar G V said that the Finance Minister has assured the jewellers that there will be no 'inspector raj' and they are hopeful of getting a notification in this regard. He added that after long deliberations, all associations agreed to call off the stir. Over 3 lakh jewellers from more than 300 associations kept their establishments closed across the country since March 2 after the Finance Minister in the budget for 2016-17 announced one per cent excise duty on non-silver jewellery.