Indian Jewelers Call for Country-Wide Shutdown Today

The All India Gems and Jewellery Trade Federation called for a country-wide shutdown on March 17, 2012 to protest against the government's budget proposal to increase basic customs duty on standard gold bars, gold coins and platinum by two percent.

"All jewelers and all associations across India have unanimously called for a total bandh of all jewellery establishments on March 17, which may also extend to March 18 and 19 based on joint decisions as a mark of protest against the Budget," the jewellers body said.

"This is in protest against the imposition of excise duty proposed across the whole sector in the annual budget 2012. The industry has decided to represent to Finance Minister Pranab Mukherjee the displeasure of the trade of the imposition of what they say was the control measures that actually killed the sector between 1962 and 1992," it added.

Indian jewellery makers criticized Mukherjee's proposal to increase basic customs duty on standard gold bars, gold coins and platinum, saying that it would adversely affect the country's gold jewellery industry as the prices of finished products would rise.