Jewellers say bandh a success

Around 90% retail shops shut in protest of government's unfavourable policy

The nationwide bandh on Monday called by the India Bullion and Jewellers Association Ltd (IBJA) to protest government policies allegedly hampering trade was 'successful,' with 90 per cent of retailers and traders in Maharashtra shutting shop.

President Mohit Kamboj said almost all wholesalers and makers, except big retailers, had joined the strike. The IBJA had called for a strike to protest alleged harassment of bullion dealers and jewellers by government agencies affectingthereby the overall moral of gems and jewellery business very badly.

It had urged the government to cut import duty on gold (10 per cent) and relax the 80:20 norm (80 per cent of imported gold be supplied to exporters).  Gold-jewellery exports slipped 44 per cent in rupee terms to Rs 33,178 crore during April 2013 to January 2014 after the curbs. The country had exported gold jewellery of Rs 61,843 crore a year ago.

"We urge the government to keep import duties on gold low to eliminate smuggling and immediately remove the 80:20 rule while allowing consignment gold imports to ensure fair open market controlled business. We urge the Government to keep import duties on ready finished imports moderatelyhigh to protect Indian industry," he said.

"We support the move as they are fighting for the cause of the industry,"said Haresh Soni, chairman of All India Gems & Jewellery Trade Federation (GJF). ends