New Delhi, April 7 (PTI): Bullion traders and jewellers opened shops today, after calling off a 21-day nationwide strike yesterday, with the government assuring them that their demand for rollback of excise duty on non-branded jewellery will be looked into.
“Most of the jewellery shops in the country have opened this morning,” Sheel Chand Jain, president of the All India Sarafa Association, said.
While jewellers resumed business in Delhi, traders in Mumbai’s Zaveri Bazaar could not open their shops as they participated in a pre-scheduled rally in the city.
Traders from other parts of Maharashtra also participated in the rally, said Prithviraj Kothari, president of the Bombay Bullion Association.
Full-fledged business in Mumbai will resume from Monday.
In Delhi, the bullion market opened with gold quoting at Rs 28,410 per 10gm. However, traders reported thin business.
Traders are estimated to have lost Rs 20,000 crore because of the strike, while loss to the exchequer was about Rs 1,200 crore in revenues.
Jewellers, however, have warned the government that they will resume strike if the proposal to levy excise duty of one per cent was not withdrawn in the Finance Bill, which is expected to come up before Parliament early next month.
The strike began from March 17, a day after the budget proposals were announced.