The agitating jewellers raised anti-Centre slogans and burnt Jaitley’s effigy at Astley Hall.
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The Jewellery Trading fraternity at a meeting held in Mumbai Today declared to close their shops in all over India for a indefinite period in protest against levy of 1% excise on manufacturing of Gold & Diamond. Party workers from Congress and Uttarakhand Kranti Dal (UKD) also joined the jewellers voicing their support for the protest.
The industry is estimated to have incurred a business loss of Rs 10,000 crore during the six-day strike, which includes bullion, diamond and jewellery. Experts also raised fears that this would affect the state’s economy adversely.
Mr. Bachhraj Bamalwa, Past Chairman & Director of GJF, said, “We fail to understand what is bothering the government to reintroduce it again, since such Excise Duty measures in the past did not provide any tangible results and were withdrawn at later stages”.
All India Sarafa Association and All India Gems and Jewellery Trade Federation have chose to extend their stir till March 7.
Representatives of the jewellery associations and trade bodies of the Indian gem and jewlelery industry, including India Bullion and Jewellery Association (IBJA) and All Indian Gems and Jewellery Trade Federation (GJF) met and presented the woes of the sector to the FM with hope that the duty would be exempted, but the same has not occurred.
CAIT National President Mr. B.C. Bhartia & Secretary General Mr. Praveen Khandelwal said that there could be many other alternatives for augmentation of revenue. “If the strike continues, how will we get jewellery for the wedding?” said Sulochana, a resident of sector 23, Chandigarh.
“The gems and jewellery industry, with a total turnover of Rs.2-3 lakh crore, is untaxed”.
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In its clarification, the ministry of finance said that the additional levy will only be imposed on jewellers whose turnover was more than Rs. 12 crore in the previous financial year, thus sparing small jewellers.
