The All India Gems and Jewellery Trade Federation (GJF) has decided to continue its ongoing strike for an indefinite period against the Government’s decision to levy excise duty on the sector.

Interestingly, except for Tata Group company Tanishq, all other jewellery brands have decided to join the strike and express their solidarity. Another trade body, the Indian Bullion and Jewellers Association of India is already on an indefinite strike protesting against the excise duty.

GV Sreedhar, Chairman, GJF, said the jewellery association representatives from all States, except for one brand, unanimously decided to continue the strike till further notice to protest against the imposition of excise duty that would impact a large number of manufacturers, artisans and craftsmen.

The excise guidelines are not practically “implementable” and will be detrimental to the survival of the industry, he said.

“We urge the Government to withdraw the proposal to impose excise duty till there is proper dialogue and discussion on the subject. Our protest would continue till the Government takes cognisance of our views and acts favourably,” he added. GJF office bearers also had a meeting with the Prime Minister and submitted their representation, highlighting the plight of the industry following imposition of the excise duty. The jewellers agreed to focus only on jewellery sale and stop selling bullion after the Union Finance Minister Arun Jaitley expressed concern over huge gold imports leading to current account deficit.

Ashok Minawala, past-Chairman and Director, GJF, said jewellers have objected to the trade being perceived negatively as a source of black money and unaccounted transactions.

Over three lakh jewellers, including manufacturers and artisans, are participating in the strike since March 2. The domestic industry is estimated at about ₹3.15 lakh crore with the potential to grow at ₹5 lakh crore by 2018.

Related Topics
comment COMMENT NOW