Indian Jewelers Call Off Strike Action

(IDEX Online News) – Jewelers in India have called off their 18-day long strike to protest the government’s imposition of a 1-percent excise duty, after they were assured that the charges will not lead to harassment by the authorities.

According to a report on Bloomberg.com, Ketan Shroff, spokesman at the Mumbai-based India Bullion and Jewellers Association Ltd, said that the strike, which began on March 2, was called off after the government agreed not to trouble the industry over the excise levy.

The strike is reported to have cost the jewelry industry around $150 million, and it is expected that there will be a rush on jewelry when stores reopen.

“Shops will be opening after being closed for more than two weeks and we will see a rush of consumers for one week," said director at the All India Gems and Jewellery Trade Federation (GJF), Bachhraj Bamalwa. “The government has formed a committee to look into our problems and it will come out with a report in 60 days. Until then they have assured us that excise department officials will not trouble jewelers over the collection of the duty.”

In 2012, a similar length strike action was also successful in persuading the government to back down from a proposal to implement an excise duty.