Govt vows to promote bullion industry

KATHMANDU, March 24:

The government has expressed commitment to work with the private sector to promote the country´s bullion industry.

“Despite holding good potential, the industry has not grown effectively due to lack of favorable environment,” Mahesh Acharya, acting finance minister said, at the National Convention and 2nd Annual General Meeting (AGM) of Federation of Nepal Gold Silver Gem and Jewelry Association here on Sunday. “Time has come for both the government and the private sector to seek ways for promoting the industry and increase the export of Nepali jewelries.”

Minister for Industry Karna Bahadur Thapa said the bullion industry is not performing as expected in the lack of necessary policies. “We will soon issue directives to better regulate the industry,” he added.

Former finance minister Prakash Chandra Lohani said the bullion industry has suffered in the lack of trust between the government and the private sector.

Speaking at the program, Ramesh Maharjan, president of the association, urged the government to ensure smooth supply of raw materials and coordinate with gold, silver and gems dealers to uplift the industry.

Meanwhile, the Federation of Nepal Gold Silver Gem and Jewelry Association has signed a memorandum of understanding with Gems and Jewelry Export Promotion Council (GJEPC) of India to work jointly for the development of bullion industry in both the countries.

"The demand for Nepali jewelry products in Indian market has been increasing these days. We will work together with Nepali jewelers to explore markets in both India and Nepal,” Bipul Shah, president of GJEPC, said. He also informed that GJEPC will look for some common platform where traders of both countries can share their skills and experiences.

Source: Republica