Venkatram said that the spike sent sales on a downward spiral with estimates pegging a slump of 60 per cent in sales.
The woman's mother said she noticed ornaments disappearing from their home in Margram village but whenever the family questioned her, she used to start crying.
The decision by government came at a time when the domestic jewellery industry was demanding a cut in the import duty.
A masked man robbed a leading finance firm at Ramanathapuram of 816 sovereigns of gold jewellery worth Rs 2 crores and Rs 1 lakh cash on Saturday.
City police were on the lookout for six persons, who reportedly posed as customers and stole 23.5 sovereign gold jewellery from an expo held at a private hotel on Avinashi Road.
They looted six women at separate locations using the same modus operandi in less than five hours time in the month of October 2018, said Cyberabad Police Commissioner VC Sajjanar.