Gold jewellers in India to close shops in excise tax protest

Jewellery shops across India, the world’s biggest market after China, will shutter for three days starting Wednesday in a bid to reverse plans by Prime Minister Narendra Modi to impose a 1 percent excise duty, according to the All India Gems & Jewellery Trade Federation.

The government should withdraw the levy announced in Monday’s budget because the industry is suffering from weak demand and high import taxes, Bachhraj Bamalwa, director at the federation, told Bloomberg by phone from Kolkata.