The World's Biggest Markets For Gold Call Off Their Strike

india gold jewelry

Photo: Mamta Badkar

jewellers and bullion traders in India’s largest gold markets have suspended their strike after 21 days, reports The Economic Times.They had been protesting an import duty on gold that was revealed in the nation’s budget last month.

So far gold traders are believed to have lost Rs. 20,000 crore or nearly $4 billion.

jewellers called off the strike after Indian finance minister Pranab Mukherjee said the government will consider their demand to do away with the tax on unbranded jewelry.

The proposal comes up for consideration in parliament in early May.  However, representatives of the gold dealers have indicated that they could go back on strike on May 10.

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