Nepal | May 29, 2020

Quake, blockade cause sharp decline on the transaction of precious metals

Madan Wagle
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Damauli, November 16

The blockade of border points in the south has led to a sharp fall in the transaction of gold and silver in Tanahun.

The blockade has added further woes to the trade of gold and silver which had already been devastated by the deadly earthquake of April 25.

As opposed to the transaction of up to nine kg gold per day on average earlier, only up to four kg gold is being traded on a daily basis after the blockade, in Tahanu district.

Nepal Gold Silver Entrepreneurs’ Association Tanahun Chairman Baburam Sunar said that they had failed to import precious metals after the blockade started.

Sunar added that many jewellers had left for India and Bangladesh after the quake struck the country. According to Sunar, people are attracted towards ancient jewels instead of modern ones. Tanahun is home to more than 165 gold and silver shops. Three to nine jewellers used to work at each of these shops.

Prem Biswokarma, proprietor, Jayabudhha Jewellers at Byash Municipality-2 said that transaction of precious metals had dropped after the earthquake hit the country. Biswokarma said that shortage of expert jewellers had dealt a blow to the business.

Nepal Gold and Silver Entrepreneurs’ Association Senior Vice-chairman Mohan Kumar BK said that gold and silver transaction had dropped by 50 per cent across the country. “Transaction has gone down dramatically due to lack of raw materials following the fuel shortage,” BK said.

BK, who operates Pashupati Jewellery at Byash Municipality- 2 said that they had no business at all this Tihar. Gold and silver traders and entrepreneurs complained that the government had not done anything to make this business systematic.

A version of this article appears in print on November 17, 2015 of The Himalayan Times.

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