The strike is on by Gold traders in Hyderabad protesting against the recent Union Budget proposal which brings them under the excise duty.This strike is to oppose levying of excise duty on unbranded jewellery and doubling of import duty on gold.Maximum number of the gold traders downed their shutters on Wednesday March 28 marking the 12th consecutive day.Almost all the stores were closed in the city except the branded jewellery stores.

Shekar Gupta, a gold trader said "In Hyderbad the jewellery sector has almost lost in and around 500 crores in the last 12 days.The city jewellery business is sure of loosing 40 crore per day.The new taxes will hike the cost of the gold almost Rs 1,000 for 10 grams.And more over a fee of 1 percent tax for the transaction for the above Rs 2 lakh was also proposed.So this will levy a financial trouble on customers.