A candle march by the Indian gem and jewellery trade body GJF, received a participation of over 25,000 jewellers in the country, reports say. The march was protest against the mandatory PAN declaration for purchases above Rs 2 lakh, and represented the jewellers of the country.

The government’s mandatory ruling of PAN declaration came into effect from January 1, 2016, in which the limit was reduced from Rs 5 lakhs to Rs 2 lakhs. Jewellers have seen a drop of atleast 25 percent in the sales in the first two weeks of the month as buyers stayed away from purchasing medium and high-end jewellery, as per reports.

Participation in the candle march involved jewellers and those from the gem and jewellery trade associations in India across major cities including Mumbai as well as smaller towns. The GJF in its efforts to represent the woes of the industry had proposed that the government increase the mandatory limit to Rs. 10 lakhs.

The industry notes that PAN cards are not very popular in rural areas as they come under the tax exemption bracket, and this is the segment which also contributes to a good extent to domestic sales in the sector.