Indefinite strike continues in cities like Kanpur, Jaipur, New Delhi and Ahemdabad

5 Day Nationwide Strike against Budgetary Measures called off by GJF

Candle Peach March

The jewellers of India went on a strike for 5 days beginning March 17, 2012, after the budget was tabled in the parliament. The strike was held as a protest against the Central government's decision of hiking excise duty on gold in the recently introduced Union Budget and the jewellers’ are demanding a roll back of the excise duty.

The strike was called on by the GJF and was supported by all the local and regional jewellers associations of the various markets. The entire jewellery fraternity came together and stood united in their cause. For five days all retail showrooms and jewellery establishments remained shut and people held rallies and demonstrations to mark their protest.

Saraffa Association Protest Meet

The strike was in no way limited to the major cities and big jewellers’ of the country but encompassed the entire jewellery trade. Candle marches were held in Jaipur and Delhi and similar demonstrations were carried out by the various associations in their respective states. A candle march is scheduled to be held today evening in Hyderabad and Chattisgarh. The loss in revenue over the past five days has been over Rs 1500 Cr nationwide.

The strike which was initially intended to continue for three days was extended to 5 days and concluded yesterday on March 21, 2012. However, in cities like Kanpur, Jaipur, Zaveri Bazaar in Mumbai and Ahmadabad, the strike continues entering day 6th.

Talks with the parliament have been initiated, but what comes out of it remains to be seen. Meanwhile a memorandum has been filed by the GJF.

The main issues that need to be sought pertain to the doubling of custom duty on gold, 1% excise duty on non branded jewellery manufacturers and tax collection at source at the retail level for cash sales up to Rs 2 Lakhs.

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Kanpur