Here's why over 300 jewellery associations are going on a strike tomorrow

Over 300 jewellery associations across the country will observe one-day strike on February 10 to protest against norms that make it mandatory to quote PAN for any transactions of Rs 2 lakh and above.

"We are forced to call the strike on Wednesday for the government's decision to impose PAN card for purchases above Rs two lakh," chairman (east) of All India Gems and Jewellery Trade Federation (GJF) Sankar Sen said.

This restriction has put a pressure on the sale of jewellery, particularly in the semi-urban and rural regions, he said. With only 22.3 crore PAN cards being issued, people residing in these areas were finding it extremely difficult to purchase jewellery as a result of which there had been a 30% dip in sales volumes since January one, 2016, he told reporters on Monday.

Nearly 50% of gold jewellers' business generally orginate from the small towns and thousands of workers and artisans associated with the trade would face deep financial problems, he said.

All major retailers like P C Chandra, Tanishq, Senco Gold and from other states would also participate in the strike, he said.