9th Day of Jewellers’ Strike observed loss of Rs 60,000 Crore

Mumbai: India’s indefinite jewellery strike has estimated to have incurred a revenue loss of over Rs 60,000 crore. The ongoing strike has entered the ninth day on Wednesday.

The strike has curbed gold imports by the world’s second biggest consumer and put pressure on global prices.

Confederation of All India Traders (CAIT) said in a statement on Wednesday that the Delhi traders will observe a ‘bandh’ on March 17 in support of jewellers who are in protest over the reintroduction after four years of sales tax on gold jewellery, on manufacturing of gold and diamond jewellery.

All India Gems and Jewellery Trade Federation (GJF) chairman Sreedhar G V said. “Every day the gems and jewellery sector is witnessing over Rs 7,000-crore loss across the country and till now the total revenue loss is over Rs 60,000 crore.”

“Even as we are incurring losses, we will continue the strike till the Government withdraws the proposal to impose 1 per cent excise duty, which will bring in inspector raj.”

Over 358 members of associations are on strike since March 2 to demand. They also opposed to mandatory quoting of PAN by customers for transactions of Rs 2 lakh and above.

The CAIT statement said.”It is a joint call of all trade associations of Delhi for expressing solidarity with jewellery traders. The Delhi traders will also participate in large numbers in a massive rally to be held on the same day by jewellers.”

The protesting jewellers have been holding ‘torch light processions’ for the last five days, in the city and also threatened to reinforce their protests with novel methods of agitation to draw the attention of central government.