JOIN USJewellers across the country have decided to continue their strike till further notice against the government’s proposal to implement excise duty in the gems and jewellery sector.
The jewellers have also voluntarily decided to stop selling bullion after Finance Minister Arun Jaitley had raised concerns over increasing gold imports impacting the current account deficit of the country.
More than three lakh jewellers, including manufacturers and artisans, have been participating in the strike that started from March 2, 2016. The size of the domestic industry is estimated to be around Rs 3.15 lakh crore.
Jewellers, along with All India Gems and Jewellery Trade Federation (GJF) office bearers, recently held discussions with Finance Minister Arun Jaitley, wherein, the latter had expressed concern over bullion trade, which resulted in increasing gold imports, thereby encouraging the current account deficit issue. On this concern, all jewellers have proactively and voluntarily decided to stop selling bullion to consumers, GJF members said.
GJF office bearers also had a meeting with the Prime Minister and submitted their representation, highlighting the foreseeable plight of jewellers, manufacturers and artisans following imposition of excise duty.