Mr. Speaker, currently excise tax is charged on all jewellery above $3 and all watches over $50 in value. The tax is discriminatory and punitive, since it was removed on luxury items such as cars and fur coats in 1991.
The annual household expenditure on jewellery is estimated at $130, which is less than the cost of a newspaper subscription.
The tax clearly puts the industry at a competitive disadvantage to all other retail sectors. Canada's major competitors in terms of diamonds, Australia and Russia, eliminated the tax two years ago.
My question is for the Minister of Finance. When will he create a level playing field?