Hyderabad: More than half of Indian jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery.
The resumption in business could boost demand from the world’s second biggest consumer and support global prices trading near their highest in three weeks.
“Jewellers are opening shops after the government assured it will simplify implementation of excise duty,” said Bachhraj Bamalwa, director at All India Gems and Jewellery Trade Federation.
“More than half of jewellery shops are now open.” Jewellers went on an indefinite strike at the start of March to protest against the proposed excise tax. Although the national level trade bodies of bullion dealers and jewellers called off the strike on March 19, various regional industry associations decided to maintain it.
“We cannot continue to strike indefinitely. Already few artisans have committed suicide due to the business we lost,” said Kumar Jain, a Mumbai-based jeweller.
According to Hyderabad-based Twin City Jewelers Association president Satish Agarwal no decision was made by the protesting association members to re-open stores on Monday.
“However many jewelers have already open stores with black banners stating " government take back excise duty and many other have reopened their stores even during the protest.” Jewellery shops in TN, Kerala and AP opened in March. On Monday, jewellers from West Bengal decided to start operations.
