The Art of Jewellery - Hindi - April 2016

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Excise duty on Jewellery cripples the industry

After 42 - day long strike, trade limping back to normalcy

In the budget 2016-17, the announcement to levy one per cent excise on jewellery by Finance Minister Arun Jaitley has shaken up the industry. As it is, the GJ industry had been reeling under the irregularity in gold prices and instability because of the economic slowdown worldwide. The announcement of excise duty on jewellery was like pulling the last bit of ground underneath, leaving the industry in a state of limbo,clueless,challenged. The entire industry believes that while they are working towards ethical, transparent trade practises, these kinds of levies and back-door licence Raj measures will create hardship, litigation and encourage corruption. AOJ's Praveer Sinha gauges the mood of the industry and brings greater clarity on the burning issue.