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Raffick Caunhye
<I>Director of Caunhye jeweller?s shop</I>
First of all, why are the jewellers in Mauritius so worried ?</B>
There are two reasons. The first reason is the fact that the price of gold has drastically increased on the international market. Over one year, the price of gold has increased by around Rs 250 per gram. I still remember when I first began to work in 1968, the price of gold was Rs 7 per gram. Today the price of gold is Rs 695.93 + V.A.T. This gives you an idea of the rate of increase over the years.
But that does not mean people should start to be demotivated ! On the other hand, they are complaining because they will have to pay V.A.T. I agree with the new reform. They have to pay V.A.T, because I find it unfair that some jewellery shops have to pay it while the majority of them do not ! And I am not scared of saying that most of the jewellery shops do not pay V.A.T !
<B> But why has the price of gold increased so drastically ?</B>
There are many factors. I am not an economist but I believe war is the most obvious reason. For example, last week the price of gold was of around Rs 680. But it has increased because of the problem of Iran and the United States regarding nuclear weapons. But I can guarantee you one thing. Despite the increase in the price of gold, jewellery shops will always exist !
However, some small jewellers shops say they might close down? </B>
This reform can only do justice to jewellery shops which are already paying the V.A.T. It is unfair that some pay and others do not ! Out of 525 jewellery shops, only 25 of them pay this V.A.T ! It would be great if everyone could pay it. But those who say that they might have to close down, say so just to put on pressure ! I am sure this reform is not going to reduce the number of jewellery shops ! The number can even increase actually !
What should those small jewellers do to face this situation ?</B>
Let me tell you one thing, those who say that they are small jewellers are not telling the truth. They are not even paying V.A.T and they live in luxury ! They are not going to close down. If you want, only one or two of those 525 jewellery shops might close down. That?s all !
What may the consequences of this new reform be ?</B>
There cannot be negative consequences ! Gold is something people will always buy. People need gold for gifts or for special events such as weddings, mother?s day or even births. Therefore jewellery shops will always exist ! Jewellers should stop complaining and get on with their work !
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