Jewellers end 6-week strike, reopen shops today

The Dollar Business Bureau 

After keeping their shops closed for six weeks, in protest against the imposition of excise duty of 1%, all the striking jewellers and gold traders will reopen their shops today. The strike was called-off after the members of various associations of gold traders and jewellers met with several union ministers in the national capital on Tuesday.

This development has been confirmed by the spokesperson of Gujarat Jewellers Association (GJA), Ashish Zaveri. "The Government has accepted around 70% of our demands," he said.

Last week, in an attempt to put in their demands, jewellers and bullion traders from all over the country constituted All India Jewellers Excise Action Committee (AIJEAC). The Committee had submitted a memorandum to various senior ministers in New Delhi, mentioning their demands. They had been on indefinite strike since 2^nd March, in protest against the 1% excise duty imposed on jewellery except silver (other than those studded with diamond and precious stones) as well as against making PAN a mandatory requirement for customers with transactions worth Rs 2 lakh and more.

For the past 42 days, due to the strike, jewellers had not just suffered losses in business but also faced a hard time in retaining their artisans and paying rent for their premises. The resumption in trade could increase demand from the second biggest gold consumer in the world and support the global prices of the bullion.