FENEGOSIDA urges to issue guidelines related to gold, silver business operations

KATHMANDU: The gold and silver businesspersons have appealed to the Department of Commerce Supplies and Consumer Protection to issue guidelines related to gold and silver business operations.

The delegation of the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA) led by Manik Ratna Shakya, on Wednesday, met with Director General of the department, Kamal Bhattarai, and requested him to issue guidelines immediately citing that the lack of proper arrangements has hindered business operations of gold and silver.

In that regard, Bhattarai said that he has taken the demands of the businessmen positively and would try to issue the instructions soon. He promised to carry out the necessary studies for this and move the process forward quickly.

During the meeting, the delegation of FENEGOSIDA also urged the department to take the necessary initiatives to adjust the supply system according to the market demand.

Currently, the gold and silver businesspersons are facing problems due to the lack of supply of gold according to the market demand. There is a shortage of gold in the market as Nepal Rastra Bank has reduced the supply of gold showing the condition of foreign exchange reserves.

At present, 10 kg of gold is supplied to the market on daily basis through various banks. However, according to jewellers, the market demand is much higher than this.

The delegation of FENEGOSIDA included Associate Vice President Pawan Kumar Somani, Secretary General Dharma Sundar Bajracharya and Secretary Kiran Bhai Bajracharya among other members.


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