No breakthrough for jewellers; strike marches on to day 17

Gold traders and jewellers continued their strike for the 17th day on Friday, in protest against the proposed one per cent excise duty on non-silver jewellery.

Most jewellery shops and establishments in the country are shut after Finance Minister Arun Jaitley in his Budget announced one per cent excise duty on non-silver jewellery.

Members of over 358 associations, consisting of over 300,000 manufacturers, retailers, wholesalers and artisans related to the trade are on strike since March 2.

To intensify the agitation, All India Bullion Jewellers & Swarnkar Action Committee organised a mega rally at Ramlila Maidan in New Delhi on Thursday which witnessed huge participation from jewellers, bullion traders and artisans.

Surinder Kumar Jain, Vice-President, All India Sarafa Association said in view of the ongoing indefinite strike, customers would face difficulties as wedding season is fast approaching.

On the other hand, Jaitley has rejected the demand for  rolling back the levy, saying the move is in preparation for unveiling of Goods and Services Tax.

The finance ministry has however clarified that jewellers only with turnover of more than Rs 12 crore (Rs 120 million) will be liable to pay one per cent excise duty on non-silver jewellery items.