Gold jewelers across Iran continued their strike on Wednesday, protesting against the government’s new tax regulations aiming to impose additional taxes on the industry.

The strikes are a direct response to amendments in the tax legislation debated in the parliament, which mandates gold retailers to pay taxes on gold assets exceeding 150 grams.

Many shops have either completely closed or are operating at reduced capacity as part of a growing nationwide movement that began on Sunday.

According to Donya-e-Eqtesad, many Tehran merchants are even holding off on selling their assets, fearing losses due to the current downward trends in currency and gold rates.

Nader Bazrafshan, head of the Tehran Gold, Coin, and Jewelry Union, highlighted that the reimplementation of the comprehensive trade system has been met with opposition from the sector due to its impracticality and concerns over potential future capital gains taxes.

In December, following a week-long strike, Ehsan Khandouzi, the Minister of Economy, acknowledged the industry's grievances and announced a step back from enforcing the registration of jewelers' information in the comprehensive trade system.

As the regime gears up to impose new tax schemes on various markets, including gold, currency, housing, and automobiles, tensions remain high, with significant impacts on the gold market already being felt.

It is the latest industry to go on strike amid Iran's collapsing economy and skyrocketing inflation as at least one third of the country is now living below the poverty line.