Gold strike takes a turn for worse
They are protesting since presentation of the Union Budget which proposed increase in import duty on gold from two to four per cent, imposition of excise on non-branded jewellery. Traders said the measures would result in to increased paper work for them. A clash leading to a lathicharge was witnessed in Mumbai, while traders blocked several trains at Ghaziabad.
Most of the jewellery houses in the country remained closed. President of the All India Sarafa Association President Sheel Chand Jain said the strike will go on for an indefinite period until the government roll backs the taxes. "We are in talks with other (than bullion) traders to join us in our agitation," he said.
Haresh Soni, President, Gold Souk Mall Jewellers Association, said jewellery mall in the upmarket Gurgaon also remained shut. "The import of gold and silver has fallen significantly even as the demand is gathering for the ongoing marriage season," said Vijay Verma of Jeweller Trade and Welfare Forum in Delhi.