Bullion traders form second apex body

KATHMANDU, MAR 12 -

Local bullion traders are formally divided into two factions, forming separate organisations.

Gold dealers associated with the Nepal Gold and Silver Dealers Association (Negosida) and 20 district-based associations have formed the Federation of Nepal Gold and Silver Dealers’ Associations (Fongasda).

A panel of traders and artisans irate with founding member associations of Negosida last month had formed the Federation of Nepal Gold, Silver, Gem and Jewellery Associations. The federation was formed and registered under the direct initiative of Nepal Gems and Jewellery Association (Negja), Nepal Gold and Silver Artist Association, and Nepal Gold and Silver Craft Business Association.

“We will be focusing primarily on offering quality services and goods in the market,” said Mani Ratna Shakya, president of the Fongasda, addressing a programme organised to announce the setting up of the federation here on Monday.

He added they would work in close collaboration with the government for export promotion of Nepali jewellery and hold research to find out precious metal and stones mines and excavation.

According to Shakya, they registered the federation on March 3, forming a 28-member executive committee. In the committee, former Negosida President Tej Ratna Shakya is the special member. Mohar Sunar, Manik Ratna Shakya and Gyan Kaji Shakya are vice-president, general secretary and treasurer, respectively.

Negja and Negosida were at odds mainly over issues related to fixation of daily bullion prices and distribution of gold among local dealers. The federation was registered under the Social Organization Registration Act 1977 that allows registration of federation with support of at least seven district-level associations.

Through its annual general meeting in January, Negosida decided to form an apex organisation after its attempt to join hands with Negja failed.

Human resources and skill development, employment generation, export promotion and exploration of precious stone mines are some of the major agendas of Fongasda. Shakya, said districts like Jajarkot in the West hold huge potential for valuable stones. “Despite, our call, the Department of Mines and Geology has not showed any interest,” he said.

Source: The Kathmandu Post