Jewelers threaten to boycott bullion standards set by govt

KATHMANDU, July 19:

Domestic jewelers have threatened to boycott the minimum monitoring standard for bullion industry issued by government if it fails to address issues raised by the traders.

Citing that government has failed to address some of the genuine issues raised by traders, the Federation of Nepal Gold and Silver Dealers Association has threatened to boycott the standard if the standard is not bullion-industry friendly.

“The government seems reluctant to address our demands and is also reluctant to issue the standard itself,” Mani Ratna Shakya, president of the federation told Republica. “We won’t adhere to the standard if it fails to address our genuine concerns.”

The government and traders a year ago had come to an understanding to issue minimum monitoring standard for domestic bullion industry. Though the understanding was to issue the standard within a month, the standard is yet in limbo following lack of understanding between traders and the government on the purity level of gold.

The government insists that traders should maintain 100 percent purity in gold jewelries, while traders have been advocating that jewelries lose some percent of purity in the manufacturing process.

Shakya said, “The traders will now wait for a final meet with the government to finalize shape to the standard. But in case stakeholders fail to give final shape to the standard, we will issue a bullion industry-friendly standard on our own by convening a special convention of traders.”

Echoing Shakya’s voice, Tej Ratna Shakya, immediate past president of the federation, said, “On one hand, the government says that the standard will benefit domestic traders and the entire industry, on the other hand, it rejects our demands.”

Meanwhile, Nut Raj Pokhrel, under secretary at the Ministry of Commerce and Supplies (MoCS), said that traders have been shying away from the standard as they are recording better business without any standard.

“In lack of proper and scientific standard, traders have been easily cheating customers. They fear that the scientific and internationally practiced provisions that have been incorporated within the standard will hamper their business,” Pokhrel charged.

According to him, the government is working to issue the standard for jewelry industry within a week. Pokhrel added that the ministry will soon endorse the standard once the Department of Commerce and Supply Management (DoCSM) forwards it with necessary changes.

Source: Republica