After 45-day long strike and a month of deliberation with the Govt, the Gems and Jewellery industry is enjoying their triumph over the relaxed excise norms. However, the recent SIT recommendation if implemented will dampen the industry’s growth.
The SIT (Special Investigation Team) recommends banning of cash transactions above Rs 3 lakh for goods and services. So, this will affect the Gems and Jewellery industry as most of its customers prefer cash transaction over any other mode of payment. GJF (Gems and Jewellery Federation) director Ashok Minawala said, “The SIT recommendation will have severe impact on the gem and jewellery industry. There are people who have black money but this industry is not the generator of black money.” GJF’s Nitin Kadam added, “All the jewellers were unhappy when they had to resort to strike. We lost few of our workers during that time. To recover the financial loss, it will take us longer. But we are hopeful that good monsoon and the implementation of pay commission, will bringing the sheen of the industry back.”
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