FINANCE - Bullion Markets Closed for the 3rd day, Traders stir extend until 7th March.

Intensifying pressure, jewelry traders have decided to extend their strike until March 7, even when the bullion markets across cities, including New Delhi and Mumbai, was closed for the third day to protest the as government to reimpose 1 percent duty on per capita consumption. Jewellers today called the Arun Jaitley Finance Minister, who promised to investigate the matter. "We have met with the Finance Minister in New Delhi and gave our behalf ... He gave us a patient hearing and assured us to look into the matter," All India Gems and Jewellery Trade Federation (GJF) President Sreedhar GV told PTI. The proposed re-imposition of excise duty 1 percent in gold and diamond jewelry and mandatory quoting of PAN by consumers for the transaction of Rs 2 lakh and above has not gone well with traders. Meanwhile, the Ministry of Finance has clarified that only jewelers with a turnover of more than Rs 12 crore will be responsible for payment of excise duties 1 percent in non-silver jewelry items. Operators in various parts of the country, including metros, kept their shops closed for a third day, said All India Sarafa Association Vice President Surinder Kumar Jain. Jain said the association today wrote a letter to Prime Minister Narendra Modi and Finance Minister Arun Jaitley demanding the withdrawal of the proposal. Jewellers in Tamil Nadu and Pondicherry have also decided to extend their three-day strike until 7 March where as much as Rs 2,000 crore worth business has already been affected due to the agitation. "Now, Rs 2,000 crore worth of business have been affected. We hope that (the loss of business) could be more in the coming days", Madras Jewellers and traders Diamond Association, "the president Jayanthilal Challani reporters in Chennai. Tamil Nadu and Pondicherry as a region racks up business around 800-1000 kg of jewelry in one day. "Special guidelines, which were drawn up for gems and jewelry are not applicable in practice and be detrimental to the survival of the industry. We are awaiting positive results from the government, but our agitation and protest continuing," All India Gems and Jewellery Trade Federation said (GJF) Chairman GV Sreedhar. The apprehension is the excise tax proposal would lead to harassment of everyday jewelers petty.