Gold jewellers in Mumbai lost Rs 1,200 crore of business during the terrorist bloodbath that engulfed the metropolis from Wednesday to Saturday, a top industry official said.

“Jewellers lost business worth Rs 1,200 crore following the business shut-down in Mumbai due to the terror attacks,” Bombay Bullion Association (BBA) president Suresh Hundia said.

The average business per day is Rs 300-400 crore. Jewellers who produce one tonne of gold jewellery per day are facing a tough time as demand has fallen sharply due to high prices. “Now the terror attack has hit them badly. It will take 10-15 days to recover,” Hundia said. However, the terror attack has not impacted gold prices in the local market. Prices have not been influenced as the metal generally reacts only when faced with larger international crises and possible disruptions to oil supplies, analyst Amit Zaveri said.