KATHMANDU, Jan. 10: Nepal Gem and Jewellery Association, Nepal Gold and Silver Entrepreneurs´ Association, and Nepal Gold and Silver Artisans Entrepreneurs´ Association have called for incorporating their demands in the ´Gold, Silver and Jewelry Business Transaction Standard (GSJBTS) Regulations.
They said that the government should include their suggestions in the regulations that is in the process of being drafted to make the gold, silver, precious stones and jewelry business and related items to ensure their quality and purity, and to guarantee the standard weight so as to make it more dignified.
The entrepreneurs representing different associations in the gold, silver and jewelry business jointly organized a program here in which they called for including their suggestions in the said Regulations claiming that the government was preparing to bring the new regulations using the rights provided by Standard Weights and Measures Act 2025 BS.
According to the Nepal Rastra Bank, Nepal imported gold worth Rs. 26 billion on the last fiscal year alone.
The gold and silver entrepreneurs claimed that the number of Jewelry entrepreneurs has not decreased though the gold price has skyrocketed.
It is claimed that there are as many as 50,000 artisans related to the jewelry business.
The regulations has defined the purity of jewelry, gold, silver and precious stones as well as the quality of different chemicals, the standards of weight and measures, among others. It has also specified the wages for the artisans.
Speaking at the program, Minister for Finance, Barshaman Pun, said the gold and silver entrepreneurs should work to make the gold trade more transparent.
Similarly, Governor of the Nepal Rastra Bank, Dr. Yubaraj Khatiwada said it is the matter of great concern that the import of gold was on the rise.
Ramesh Maharajan of the Nepal Gem and Jewellery Association demanded that the government should bring the new laws with amendments.