Jewellers strike against excise duty enters 7th day; more than Rs 1500 cr loss incurred so far

New Delhi, Mar 8 (KNN) The strike by bullion traders and jewellers has entered seventh day today against the Budget proposal to impose one percent excise duty on jewellery.

The jewellers associations have threatened to go on strike for indefinite period in case the proposal is not called back.

Ketan Shah, Spokesperson, India Bullion and Jewellers Association, told KNN the strike would continue unless the proposal is called off.

Shah, however, was optimistic that the government would definitely do something within a day or two.

“The industry has already incurred more that Rs 1500 crore loss due to strike,” he said adding that the industry wants the excise duty to be called off or the custom duty to be raised.

“We have met more than 358 associations affiliated with Gems and Jewellery Federation (GJF), consisting of over 3 lakh manufacturers, retainers, artisans, among others, who have collectively decided to extend the strike indefinitely, till we get some positive announcement from the government,” All India GJF chairman Sreedhar G V told reporters in Mumbai.

“We urge the government to withdraw the proposal. Our protest continues till the government takes cognisance of our views and acts favourably,” he added.

The jewellers strike began on March 2 to protest against the proposed excise duty imposition on non-silver jewellery items made in the budget as well mandatory quoting of PAN by customers for transaction of Rs 2 lakh and above. (KNN Bureau)