Jewellers lose Rs 450 cr during 3-day strike

Irked with the Budget proposals to bring unbranded precious jewellery under the excise duty net and raise customs duty on gold bars and coins, the jewelers in Orissa shut their shops for three days responding to the call of All India Gems and Jewellery Trade Federation (GJF).

The strike, which continued till on Monday, has resulted in a loss of business of about Rs 450 crore.

“All the jewellery shops in the state remained closed for three days starting March 17 opposing levy of excise, custom duty on the entire jewellery sector”, said Mitesh Khimji , member of the Board of Directors, GJF.

Union Finance Minister, in the budget presented yesterday, has proposed increase in excise duty on unbranded precious jewellery, and doubled the customs duty on standard gold and platinum from two per cent to four per cent and on non standard gold from 5 per cent to 10 per cent.

The bullion industry, already struggling due to high gold prices, is likely to hit further as this measure will lead to enhance the prices of the yellow metal.