The strike called by the Bombay Diamond Merchants Association (BDMA), evoked a strong response in the Opera House diamond district of Mumbai. It had little impact in the Bharat Diamond Bourse (BDB), Israelidiamond.co.il reported citing IDEX Online.
The BDMA had, on Thursday, called for all diamond manufacturers and dealers to close their offices on Friday in support of the ongoing countrywide protest by jewelry retailers. The protest is against the government’s proposed imposition of a 1 percent excise duty on unbranded jewelry. Retailer associations say that the ambiguous nature of jewelry valuations will result in the harassment by inspectors of small and medium retailers.
In the Opera House area some 80 percent of the diamond offices remained closed. These were mainly the small and medium operators. The BDB appeared largely unaffected.
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