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India Strike Costing Jewelers $150M per Day

Mar 9, 2016 9:56 AM   By Rapaport News
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RAPAPORT... A jewelers’ strike in India protesting a new 1-percent excise tax is causing industry members to lose $150 million per day, Bloomberg reported March 9, citing the All India Gems & Jewellery Trade Federation.

The industrial action, which has entered its second week after starting March 2, is supported by the GJF. The organization said the strike would continue “until further notice” in a statement March 7.

The tax on the jewelry industry announced by the nation’s government in the latest budget would “negatively impact a large number of manufacturers, artisans and craftsmen,” G. V. Sreedhar, chairman of the GJF, said. The federation has met with Prime Minister Narendra Modi and Finance Minister Arun Jaitley urging them to backtrack.

In a separate statement March 8, Praveenshankar Pandya, chairman of nation’s Gems & Jewellery Export Promotion Council (GJEPC), while opposing the strike, claimed the excise duty was not in the industry’s interest and said the group has also attempted to persuade the government to renege on its decision.
Tags: All India Gems & Jewellery Trade Federation, financial, Gems & Jewellery Export Promotion Council, GJEPC, GJF, India, Jewelry, Rapaport News, Strike, tax
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