The initial draft of the 10-point proposal, classifies gold, silver and diamond on the basis of their purity. As per the proposed standard, gold and gold jewelries should always be measured in karats and must have the stipulated purity percentage. [break]
The proposed standard states that 24 carat of gold jewelries must be 99.9 percent pure, 22 karat 91.6 percent pure and 18 karat 75 percent pure. Similarly, 14, 12 and 9 karats gold must be 58.33, 50 and 37.5 percent pure respectively.
Likewise, as per the proposed standard, silver should be measured in sterling and silver and items made from silver must be 99.9 percent pure. Likewise, diamond has been classified as precious, semi-precious and synthetic.
It is mentioned in the draft that bullion traders will have the right to claim up to three percent wastage while making gold jewelries and up to six percent wastage while making silver jewelries and other items.
The draft proposal seeks a complete ban on mixing of metals like cadmium, lead and mercury while making gold and silver jewelries. Besides, while mixing metals other than the banned ones, jewelers must mention the name of the metal and quantity used.
While fixing the maximum retail price (MRP) of the readymade jewelry, jewelers should mention making charges, amount and price of additives used, wastage and should not charge more the stipulated price. Traders will be allowed to add only up to five percent over the cost price.
Commenting on the initial draft of the standard, Mani Ratna Shakya, president of the Federation of Nepal Gold and Silver Dealers Association said the government should give some time to jewelers before the new standards are implemented. “The government should also suggest and allow the use of other metals in making gold and silver jewelries,” said Shakya.
Bullion traders said the purity as mentioned in the draft cannot be maintained as purity of gold decreases after it is melted to make jewelry items.
Sailesh Jha of Nepal Bureau of Standards and Metrology (NBSM) said the purity standard is on par with the Bureau of Indian Standards and global practice.
Narayan Prasad Bidari, director general of the Department of Commerce and Supply Management (DoCSM), said that the government will seek suggestions from the traders and consumer rights activists and make amendments to the proposed standard, if necessary.
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