Wednesday May 18, 2022
Wednesday May 18, 2022

Jewelry trade procedures to be modified - Home Minister


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2022 Jan 12, 18:25, Kathmandu

Home Minister Bal Krishna Khand has expressed his commitment to modify and implement the procedures related to the purchase and sale of gold, silver, and jewelry to solve the problems seen in the gold and silver business. In a discussion with gold and silver traders held at the Ministry today, Minister Khand informed that the procedure prepared earlier would be modified and published in the Gazette to solve the problems seen in gold and silver import and export, security of traders, and transportation.

He said that the working procedure will be revised on the basis of adequate discussions and suggestions with the concerned ministries, concerned organizations, and experts. Minister of Mines said, "There is a possibility of gold and silver being mined in Nepal. Now it should be mined in Nepal and brought to the international market."

President of the Federation of Nepalese Gold and Silver Entrepreneurs Manikaratna Shakya said that there is a problem in meeting the demand as only 20 kg of gold is imported daily but the demand is more than 30 kg. Shakya argues that the daily import of 20 kg of gold cannot meet the demand due to Nepal's population and increasing urbanization & economic development. He demanded that gold and silver should be recognized as movable property, security of entrepreneurs should be ensured, purchase and sale criteria should be formulated, smuggling should be tightened and wages should be increased. He also stressed the need to formulate and implement an act for the long-term solution of the overall problem seen in the gold and silver business.

President of the Federation of Gold, Silver, Gems, and Jewelry, Sureshman Shrestha, said that Nepalis living abroad have demanded to wear Nepali gold ornaments made in Nepal, but they do not have gold to take abroad.

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jewelry Gold Silver Home Minister Bal Krishna Khand international market import export transportation Discussions Economic development economy business
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