The jewellery industry is shutting shop for three days starting Saturday to protest against the additional duties announced in the Budget on Friday.
The Finance Minister, Mr Pranab Mukherjee, said excise duty on unbranded precious jewellery would go up from 10 per cent to 12 per cent. Customs duty on standard gold and platinum was also doubled to 4 per cent and on non-standard gold from five to 10 per cent.
In January, the Government had doubled the Customs duty to two per cent.
In a statement on Saturday, the All-Indian Gems and Jewellery Trade Federation said the excise duty on jewellery will affect the industry and throw millions of self-employed skilled artisans out of their jobs.
In its pre-Budget memorandum, the Federation had appealed for scrapping the levy. The Federation comprises jewellery manufacturers, wholesalers, retailers and exporters.