India Jewelers Call Off Strike to Protest Against New Excise Tax
- Action ended after assurances jewelers won't be harassed
- `Rush of consumers' expected for one week as shops reopen
A store assistant handles gold chains hanging from a wall display.
Photographer: Dario Pignatelli/BloombergThis article is for subscribers only.
Jewelers in India, the world’s second-biggest gold consumer, ended a strike to protest against a new tax announced in the budget after the government assured them the charges won’t lead to harassment by authorities.
The strike, which started March 2, ended after the government agreed not to “trouble the industry” over the excise levy, Ketan Shroff, spokesman at Mumbai-based India Bullion and Jewellers Association Ltd., said in a text message. Finance Minister Arun Jaitley announced in his Feb. 29 budget an excise levy of 1 percent on ornaments produced and sold in India.