Jewellery houses reopen

All gold,diamond and silver jewellery houses across the tricity re-opened on Monday after the All India Gems and Jewellery Trade Federation had called off its nationwide strike on Friday.

Written by Express News Service | Chandigarh | Published: April 10, 2012 2:36 am

All gold,diamond and silver jewellery houses across the tricity re-opened on Monday after the All India Gems and Jewellery Trade Federation (GJF) had called off its nationwide strike on Friday.

GJF regional chairman Rakesh Talwar said Finance Minister Pranab Mukherjee had given a verbal assurance to the jewellers to meet their demands for a rollback in the proposed excise duty on the trade.

The jewellers ended the strike,with the condition that if the Finance Ministry did not provide clarity on the policies and adhere to their demands,they would again observe an indefinite strike after May 11,when the parliamentary session ends.

As per the jewellers,with the proposed excise policy coming into effect,the import duty of gold will be increased from Rs 200 to approximately Rs 1,200 per 10 grams,when calculated over the last five months.

Further,the service tax on the labour charges will also go up,increasing the total cost of the article for the consumer. The cash transaction tax will add to the burden of the jewellers since they are already paying Income Tax,VAT as well as service tax.

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