Floods affect jewellery market outside Kathmandu Valley

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Kathmandu, August 23

With the beginning of festive season with Teej being celebrated tomorrow, the jewellery market in Kathmandu has added more glow. However, recent floods and landslides in various parts of the country have affected the market in districts outside Kathmandu Valley, especially in eastern Terai.

Vice-Chairperson of the Federation of Nepal Gold and Silver Dealers’ Federation, Manik Ratna Shakya, says the jewellers have failed to earn much though there is no shortage of gold and silver in the Nepali market currently.

“This year, there is not any exciting transaction in Kathmandu Valley. The business outside the Valley is more frustrating,” he says.

Former President of the Federation, Tej Ratna Shakya, says the trade has dropped by around 30 per cent in the Valley.

He adds that the business in eastern region has dropped by around 75 per cent.

Nepal Rastra Bank allows commercial banks to sell 20 kg gold every day to the traders. The jewellers, however, demand that the cap should be increased by 15 kg to smoothly meet current market needs.

Published on August 23rd, Wednesday, 2017 4:33 PM

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