Rollback on Excise Duty Celebration

RAJKOT/AHMEDABAD: Jewellers in the state breathed a sigh of relief as finance ministerPranab Mukherjee withdrew the levy on branded and un-branded jewelry. The announcement in made by Mukherjee in Parliament is likely to bring down gold prices marginally. 

Jewellers in the state were on a 21-day strike from March, 17 2012 demanding roll back of the excise duty in question. The jewelers resumed operations only after meeting finance minister who gave them assurances for roll back. 

Bhayabhai Shahodiya, president of Rajkot Gold Dealers Association said that the roll back is great relief for more than 1.50 lakh people including jewelers and workforce associated with this business. 

Prabhudash Parekh of Shilpa Jewelers said that the rollback would benefit both jewelers as well as customers.