Large number of jewellers from Maharashtra call off strike

                        


A large number of jewellers from Maharashtra have called off the strike to take advantage of the Gurupushyamrut yog day that falls on April 14. Gurupushyamrut yog day is considered highly auspicious to pray to Goddess Lakshmi and seek her blessings. In Hindu astrological terms there is amrut or amrti yoga on the day and it is ideal to buy gold, make investments and start new businesses.

Retail chains like PN Gadgil, Lagu Bandhu Jewellers, Marathe Jewelelrs, Waman Hari Pethe Jewellers opened their shops on Tuesday. Jewellers were on a strike since March 1 protesting the imposition of 1% excise duty on gold and diamond jewellery in this year's budget. TheTalking to ET, Saurabh Gadgil, managing director, PN Gadgil Jewellers said "Maharashtra Jewellers association had proposed to call of the strike from April. But the leading retail chains have opened shops today so that they can get ready for the Gurupushyamamrut day with jewellery. Moreover, we have to deliver pending orders. So we thought to open shops today." However, alongside the jewellers will negotiate with government over rollback of the excise duty. 

In fact, jewellers from Maharashtra have missed the Gudi Padwa day when lot of gold buying takes place in India. They lost business of around Rs 2,000 crore.
Meanwhile, gold prices fell by Rs 32 to Rs 29490 per 10 gm in futures today on the MCX for August contract as participants indulged in profit booking at prevailing levels amid a weak trend. 

Source: The Economic Times

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