Union Budget 2011: Gems & jewellery industry disappointed with proposed 1% excise duty

KOLKATA: The gems and jewellery industry is disappointed with the proposed 1% central excise duty to be imposed on jewellery and articles of gold, silver and precious metals sold under a brand name.

This, it feels, will serve as a setback to the industry which was gradually getting more organised.

Vinod Hayagriv, chairman, All India Gems and Jewellery Trade Federation (GJF) says: "This was earlier discussed and abolished in 2008-09. Unmarked jewellery provides no consumer protection. We will see a reversal in trade going forward."