Jewelry Industry Strikers Converge on Delhi

(IDEX Online News) – As the Indian jewelers strike enters its third week, hundreds of thousands of demonstrators conducted rallies in the capital, Delhi, to protest the government’s insistence on levying a 1-percent excise tax, according to a report on Bloomberg.com.

Bullion stores have been shuttered since March 2, following the outlining of a proposed tax on all non-silver jewelry in the Union Budget. Finance Minister Arun Jaitley has refused to either reconsider or roll back the tax, and the jewelers are adamant that it is impossible for the industry to absorb it.

“Even though the wedding season demand is approaching, jewelers have made up their minds to continue to protest until the government acts on our demands,” said India Bullion and Jewellers Association Ltd. spokesman, Ketan Shroff.

Jewelry associations also tried to enlist the support of associations from the diamond industry. The Gem and Jewelry Promotion Export Council (GJEPC) had previously expressed its solidarity with the strikers, although it said that dialog with the government was more constructive than strike action.

However, the Mumbai Diamond Merchants Association (MDMA) and the Diamond Exports Association Limited (DEAL) had asked the GJEPC and the Bharat Diamond Bourse (BDB) to encourage their members to remain closed for the day.

The longest jewelers strike was the three-week 2012 shut down, which successfully protested a previous government attempt to impose an excise duty.