Atlast Strike suspended

SURAT: Jewellers in south Gujarat have suspended their 21-day indefinite strike on Saturday following an assurance by Union finance minister Pranab Mukherjee at Friday's meeting that the issue of 1% excise duty on unbranded jewellery would be looked into.

Bullion traders and jewellers in the region returned to business, suspending the strike after getting assurance from the government on rollback of excise duty on non-branded jewellery and hike in import duty on gold during the passing of the Finance Bill by Parliament next month.
"Jewellery showrooms in south Gujarat, including Surat, have opened this morning as the all India leaders of gems and jewellery associations decided to resume business after government's assurance on rollback of the duty," said Dipak Choksi, regional chairman, All Indian Gems and Jewellery Trade Federation (GJF).
According to Choksi, about 15,000 jewellery showrooms in the region were on an indefinite strike since March 17. Traders in Gujarat have estimated to have lost Rs 3,500 crore due to the strike. Jewellers have threatened to resume the strike if the proposal to levy excise duty of 1% is not withdrawn in the Finance Bill.
"The gems and jewellery associations across the country have unanimously decided to suspend the strike till May 11. If no decision on the excise duty rollback is taken, the strike will be resumed," said Choksi.