Mumbai: The 18-day strike by jewellers that ended Saturday night is estimated to have caused losses of Rs.60,000-70,000 crore,the Gems and Jewellery Export Promotion Council (GJEPC) said in a statement.

The strike ended on Saturday night following a meeting between the associations and union finance minister Arun Jaitley in New Delhi regarding the 1 per cent excise duty proposed on jewellery in the Union Budget 2016-17.

A three-member committee, headed by former chief economic adviser to the finance ministry, Ashok Lahiri, has been constituted to look into issues related to excise duty on jewellery and find a solution.

It would submit its report to the government within 60 days, the GJEPC said in a release on Sunday.