Many jewellers reopen shops; gold discounts drop


More than half of country’s jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery.

The resumption in business could boost demand from the world’s second biggest consumer and support global prices trading near their highest in three weeks.

“Jewellers are opening shops after government assured it will simplify implementation of excise duty,” said Bachhraj Bamalwa, director at All India Gems and Jewellery Trade Federation.

“More than half of jewellery shops are now open.”

Jewellers went on an indefinite strike at the start of March to protest against the proposed excise tax. The strike was later called off on assurances from the excise department that it would not “harass” jewellers.

Although the national level trade bodies of bullion dealers and jewellers called off the strike on March 19, various regional industry associations decided to maintain it.

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