Jewellery stocks melt as strike nears one month

MUMBAI: Jewellery stocks fell by up to 8.5 per cent as a large number of jewellers and bullion traders in the country continued their strike for 27th day to protest the proposed 1 per cent excise duty on non-silver jewellery.

Shares of Tribhovandas Bhimji Zaveri tumbled 8.52 per cent, Gitanjali Gems fell by 2.83 per cent, Shree Ganesh Jewellery House (1.88 per cent), PC Jeweller (1.72 per cent) and Rajesh Exports (0.97 per cent) on BSE.

Most jewellery shops in the country, including in Delhi Kolkata and Mumbai wore a deserted look for the 27th day.

Jewellers, bullion traders and artisans have been on strike since March 2 to protest against the proposal.

Government's decision to levy 1 per cent excise duty on jewellery had created sharp reactions from jewellers who have been on strike.

The jewellery industry have been demanding roll back of excise duty hike.