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Gold traders, jewellers and artisans continue strike
Posted on: 06/Apr/2016 12:00:07 PM
Finance Minister Arun Jaitley in the Union Budget 2016 has proposed to levy 1 per cent excise duty on jewellery
Gold traders, jewellers and artisans have been observing strike since March 2, demanding roll-back of the budgetary proposal saying that it has impacted their business. The strike against one percent excise duty on non-silver jewellery continued for another day despite huge losses to the industry traders.
Jewellers and bullion traders in several parts of the country, including in Delhi, Mumbai and Kolkata kept shutters down for the 35th day on Tuesday.
Vice-President of the All India Sarafa Association, Surinder Kumar Jain said the industry has been losing business due to ongoing indefinite strike, and workers including artisans involved in the trade have the crisis of bread and butter now.
The demand will be at least three-fold during Gudi Padwa, where people consider it auspicious to buy gold, due to a lot of pent-up demand that was held up following the all-India strike by jewellers across the country. The demand will be mainly for weddings as the marriage season is round the corner
The jewellery manufacturers who have been on a strike are likely to meet Prime Minister Narendra Modi to demand rollback of 1 per cent excise duty imposed in the 2016-17 Budget.
We have a meeting with the Prime Minister on Wednesday. The time is yet to be finalised, said Rahul Gupta, CEO of PP Jewellers.
The government has set up a sub-committee under former chief economic advisor Ashok Lahiri to look into the problems of jewellers and suggest ways to eliminate harassment. Because of this some jewelers withdrew strike but others continued the strike.
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