The GST rate for the sector has not yet been finalised by the government.
Jewellers went on strike for three days from March 2.
Jewelers also want import duty on gold to be reduced from the current 10 per cent to at least 5 per cent.
The recent restrictions on gold imports will encourage smuggling and grey markets activities in the country.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
Sales of gold coins and bars should be curbed after reaching around 300 tonnes
Govt has so far refused to bring down the import duty to 2% from the current 10%.
The strike entered the 15th day on Wednesday.
The biggest bullion-importing bank in India plans to team up with jewellers for the first time to offer a gold deposit scheme, hoping ease of access and attractive interest rates will tempt people to part with their jewellery and relieve tight supplies.
Gold premiums in India, the world's biggest buyer of the metal, jumped sharply this week as the festive season began, driving up demand, and supply remained tight.
Over 300 associations, that consists of over 3 lakh manufacturers, retailers, wholesalers and artisans among others, are participating the nationwide stir.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
Jewellers see flat gold sales this Dhanteras
Gold jewellery exports may decline by about 50 per cent in this financial year from last year after government restrictions reduced the availability of raw material, Gitanjali Gems Chairman and Managing Director Mehul Choksi said.
The jewellery industry has welcomed the government's decision to ban old Rs 500 and Rs 1,000 notes, saying gold demand will rise as people will have more faith in the precious metal than the currency notes. But the unorganised builders and secondary (resale) property market would be adversely impacted.
Gold is currently ruling at Rs 30,050 per 10 grams.
According to World Gold Council (WGC), gold jewellery demand in India, the world's largest consumer, touched record 662.1 tonnes in 2014.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances