Thursday, March 03, 2005

India's Gold Jewellers On Strike

Gold jewellers in India have started a strike against a proposed 2% tax on branded gold jewellery.

Minister of Finance Palaniappan Chidambaram made the proposal on Monday in the federal budget.

Small jewellers fear that the excise office will tax small, local brands - not just the large brands targeted by the tax.

Small gold jewellers account 90% of India's $11bn gold jewelry and diamond market.