The jewellery trade in Mumbai was hit with members of the Indian Bullion and Jewellers Association downing shutters to protest against the restrictive trade policy of the Government.

Mohit Kamboj, President, IBJA said: “Our call for a bandh today to protest against government policies was successful as nearly 90 per cent bullion traders in Mumbai, Maharashtra and Kolkata have observed the bandh. Except for big retailers, almost all wholesalers and manufacturers have joined the strike”.

IBJA called for a day’s strike today to protest against harassment of bullion dealers and jewellers by various Government agencies. Temporary measure

Speaking to Business Line , Surendra Mehta, Secretary, IBJA said the association had to drop its earlier plan of holding a protest and hunger strike on instructions from the police department over security issues.

“We have already submitted a booklet detailing the requirements of the industry. Now, we would wait till the new government is formed in the Centre to take a decision of our requests,” he said.

The Association has moved the Government to stop rampant gold smuggling on the back of restriction on gold imports.

Instead of focusing on smugglers, Mehta said the Government is targeting small jewellers by raiding their showrooms and workshops.

In last four months, gold imports through the official channel have fallen to less than six tonnes. If the trend continues, he said many workers would lose their jobs.

Assuring that the industry is with the Government on controlling the current account deficit, Mehta said the temporary measures to curb gold imports cannot be continued for long.

“If the Government does not want the bullion industry survive, they should say so. Before taking any decision it should consider the fate of over one crore people employed in the industry,” Mehta said.

Related Topics
comment COMMENT NOW