New Delhi: The bullion market has lost business of over Rs 21,000 crore due to 21-day long strike called by bullion traders and jewelers demanding rollback of excise duty on non-branded jewellery and hike in import duty on gold. The government suffered a revenue loss of Rs 1,200 crore.

READ MORE:Gold rises on fresh buying; silver falls

Various bullion trade associations called off the strike on Friday after meeting with UPA chairperson Sonia Gandhi and Finance Minister Pranab Mukherjee. They assured them that their demand for rollback of excise duty on non-branded jewellery would be considered.

However, the bullion trade associations have threatened of resuming the protests if their demands are not given due consideration till May 11.

All India Goldsmiths Association (AIGA) general secretary, Jagjit Singh Sahdev said, “The protest is yet not ended as the government has not given us any assurance in written. The decision to calling off the strike will be taken on April 9 and in case the government fails to entertain our demands, we will continue with the protest.”

Echoing the similar views, President of Delhi Bullion and Jewellers Welfare Association Vimal Goel said, “The strike is temporarily suspended. The future course of action completely depends on the government’s decision in the Budget session.

Meanwhile, All India Sarafa Association president Sheel Chand Jain said, “Most of the jewellery shops in the country resumed their businesses on Saturday.”

Notably, the three-week long protest has adversely affected the daily wage workers and artisans involved in the sector. However, the protest claimed minimal effect on the prices of precious metals as gold rose by Rs 250 per 10 grams and closed at Rs 28,390 per 10 grams. The prices of silver witnessed a decline by Rs 300 and remained at Rs 56,000 per kg.