Gold entrepreneurs complain about short supply of gold

By A Staff Reporter,Kathmandu, Feb. 18: Gold and silver entrepreneurs have decided to move ahead jointly with other organisations related to their businesses to solve the problems faced by the businessmen.

This decision was taken at a joint meeting of the representatives of the Federation of Nepal Gold and Silver Dealers' Association and Federation of Nepal Gold Silver Gem and Jewellery Associations held on Friday at the central office of the FENEGOSIDA.

According to a press statement issued by the FENEGOSIDA, both the organisations have decided to organise pressure programme jointly citing that the supply of gold is not sufficient, businessmen were facing unnecessary harassment from the security agencies and the state has not shown interest in making necessary policies, rules and guidelines related to gold and silver businesses.

They claimed that they were facing unnecessary police actions like confiscating of the gold ornaments legally brought from the customs checkpoint and causing unnecessary suffering.

President of FENEGOSIDA Manik Ratna Shakya said that it was agreed to form a working group consisting of representatives of both organisations and carry out the programme according to the plan decided by it.

According to him, the working group consisting of representatives of both institutions will ask the concerned bodies to make policy and rules related to gold and silver business and request for the arrangements for adequate supply of raw gold.

He said that if necessary, the two organisations have agreed to make public the programme of the protest.

On behalf of the FENEGOSIDA, President Shakya and Vice Presidents Bipindra Ramudamu and Pawan Kumar Somani and Treasurer Sudip Shrestha were present in the meeting.

Similarly, on behalf of Federation of Nepal Gold Silver Gem and Jewellery Associations, president Suresh Man Shrestha, Senior Vice President Ram Prasad Lakandari and Vice President Dharika Bishwokarma were also present in the meeting. 

Earlier on Thursday, the Federation of Nepal Gold and Silver Dealers Association (Fenegosida) had expressed its serious concerns about the confiscating the gold ornaments, arresting entrepreneurs, giving unnecessary suffering and mental stress by the police administration in recent times. 

 The federation issued a statement on Thursday saying that businessmen dealing in gold jewelry brought in according to the standards set by the state have been treated like criminals and this has not only discouraged the general businessmen, but has also created resentment towards the entire profession.

The gold businesses across the country get a total of 10 KG gold each day as directed by the Nepal Rastra Bank. Apart from the gold duly received from the bank, those coming from abroad are allowed to bring in up to 50 grams of gold jewelry without customs duty and an additional 50 grams of gold jewelry after paying the duty. 

President of Fenegosida, Manik Ratna Shakya said that the provision of bringing 50 grams jewelry without customs duty and 50 grams by paying the taxes has helped fulfill the growing demand of gold in the market. According to the founding member of the organisation, Mani Ratna Shakya, the average gold demand a day stands at about 40 KG. “If Nepali migrant workers are not allowed to bring the limited amount of gold and jewelry with them, there would have been a severe shortage of gold in the domestic market,” he said. 

Recently, the police have started confiscating the gold ornaments brought in the country by the migrant workers, arresting the businessmen who deal in such gold, causing unnecessary suffering and mental stress, read a statement issued by the Federation. 

"When gold jewelry is brought to Nepal, the government should check its validity at the relevant customs checkpoint. Actions like making business people panic, causing unnecessary suffering in the name of monitoring are reprehensible,” read the statement.