Indian Jewelers Call Off Strike, Agree on Panel to Look Into Tax Proposal

India's gold and jewelry markets began re-opening on Monday after traders ended an almost three-week strike.

The industrial action caused huge revenue losses for businesses, while the government lost taxes of hundreds of millions of dollars.

The strike aimed to lead the government to repeal a 1% excise duty on gold and diamond jewelry that was proposed in the 2016-17 budget.

The government has not yet announced the withdrawal of the planned excise tax, which could make gold and diamond jewelry more expensive, according to media reports out of India.

However, it has decided to set up a task force led by an economic expert to look into it. The task force will have three industry representatives, a legal expert and officials from the Central Board of Excise and Customs (CBEC) as members.

All trade associations will also be given the opportunity to submit representations.