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Associations Call for Mumbai's Diamond Industry to Close on Friday

Mar 29, 2012 7:54 AM   By Dilipp S Nag
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RAPAPORT... The diamond industry in Mumbai will remain closed on Friday to lend support to the local jewelers protesting the government’s proposed  excise duty on gold.

The Mumbai Diamond Merchants Association (MDMA) has posted notice at several places in Opera House, requesting the industry to close their operations on Friday. The MDMA notice said that it has the support of the Gem & Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse (BDB) and Diamond Exporters Association Ltd.

“It is the same community so in protest the whole diamond market will remain closed tomorrow in Mumbai,” said Rajiv Jain, GJEPC’s chairman.

India's Finance Minister, Pranab Mukherjee, in his budget speech on March 16 proposed to impose 1 percent excise duty --a type of tax charged on goods produced locally-- on unbranded jewelry and increasing the excise duty on refined gold from 1.5 percent to 3 percent. He also proposed to double the customs duty on gold to 4 percent.

Indian bullion traders and jewelry retailers, unhappy with the finance minister’s announcement for the gems and jewelry industry in the Union Budget 2012-13, have been on strike since March 17 to oppose the proposed measures.
Tags: BDB, Bharat Diamond Bourse, budget, diamond, Diamond Exporters Association, Dilipp S Nag, Excise duty, Gem & Jewellery Export Promotion Council, GJEPC, gold, Import Tax, India, Jewelry, MDMA, mumbai, Mumbai Diamond Merchants Association, Pranab Mukherje, Unbranded Jewelry
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