Jewellery retailers to go on an indefinite strike to protest excise duty hike

As an effect of 1% excise duty hike, jewellery retailers of India, who are already on an indefinite strike are planning to intensify their pan-indian non-cooperation by further handing over their shop keys to the Finance Minister.  "Representatives of more than 375 Jewellery trade associations including manufacturers, retailers, artisans, converters, designers and others from different states of the country attended the meeting and unanimously decided to intensify the strike till we get the announcement of roll back,”said Yogesh Singhal, General Secretary, AIBJSF.

Over three lakh jewellers and artisans are participating in the strike since March 2, 2016 across the country. The recent Union Budget had imposed an excise duty of one per cent on gems and jewellery sector without input credit and 12.5 per cent with input credit. The industry claims that it cannot comply with the due diligence and requirements as proposed under the Excise Act as the manufacturers, artisans and other verticals of jewellery trade are in no position to follow up with even the minimum provisions applicable.

"Jewellery industry in India is estimated at about Rs. 3.15 lakh crore which is likely to grow to Rs. 5 lakh crore by 2018. Nothing less than a complete roll back of excise duty levied on jewellers is acceptable to us,” said Praveen Goel, President of All India Bullion, Jewellers, Swarankar Federation (AIBJSF) which is spearheading the nationwide agitation, at a day long meeting of the leaders of jewellery trade from all over India held recently at New Delhi. The Confederation of All India Traders (CAIT), apex body of trading community is already supporting the jewellers and urged the Government to initiate process of dialogue with protesting traders to end the logjam.

Protest programs for week beginning April 4 are being chalked out by AIBJSF.