KATHMANDU: Prime Minister KP Sharma Oli on Friday said that the budget of the next fiscal year 2019/20 would include program to develop the gem and jewelry sector.
“There is a need to promote the processing and export of the precious and semi-precious stones, gems and jewelries. This sector can have significant contribution to the national economy,” he said while inaugurating the Nepal International Gem and Jewelry Expo 2019 at the Department of Mines and Geology (DMG), Lainchaur.
According to the government’s Policy and Programs for the next fiscal year, the government will promote the export of the refined gemstones and a gemstone refinery will be established.
The Ministry of Industry, Commerce and Supplies has said that a refinery would be established in Surkhet of Karnali State. The State has a large gemstone mine in Jajarkot.
Similarly, the government plans to explore feasible gold mines in Dailekh district, precious stone and copper in Jajarkot district and uranium in Mustang district.
PM Oli suggested the private sector and the government agencies to explore, excavate and process and increase the export capacity.
Nepal is rich in natural resources but it has largely failed to tap the benefits from them, he said. “We need to modernize the gems and jewelries processing and business pattern. Nepal has the potential to be self-reliant in this sector.”
But, he stated that maintaining quality to the gem and jewelry products should be given high importance as only the publicity and
promotion wouldn’t give the desired results in the business if the products were sub-standard.
President of the Federation of Nepalese Gold Silver Gem and Jewelry Associations (FNGSGJA) Ramesh Maharjan said that the expo was organised to promote Nepali gems, jewelries and precious stones.
“Nepal has high quality precious and semi-precious stones. But we have failed to get the fair price of those gemstones. We have to promote our products in the international markets in order to get the appropriate price of the products,” he said.
According to him, the expo is being organised to motivate entrepreneurs to find export markets and attract foreign direct investment (FDI) in the country.
“This will ultimately support the economic growth in the country,” he said.
The expo will also feature workshop on processing and standards of gem, stones and minerals, exhibition of traditional and modern Nepali jewelry, seminar and business to business meetings and a fashion show.
A souvenir on the theme of the expo has also been published.
The expo features 60 stalls including 36 of gold and silver, 4 loose gems jewelry, 2 silver jewelry, 2 gems cutting, 12 rock and minerals and 4 education.
The expo is jointly organised by the DMG and FNGSGJA.
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