The Department of Commerce and Supply Management (DoCSM) had filed cases against some of these gold shops and is bringing cases against the others also. [break]
Bullion traders said that the shops will be closed for three days with effect from Wednesday and if the government does not fulfill their demands, they will close indefinitely and announce other protests. Both the trade federations: Federation of Nepal Gold and Silver Dealers´ Associations and Federation of Nepal Gold, Silver, Gem and Jewelry Associations, have jointly announced the closure.
According to Narayan Prasad Bidari, director general of DoCSM, the department has already filed cases against four shops and is also ready to file case against the remaining seven shops that were found to be at fault during market monitoring.
“Even though the gold shops protest the action to be taken, we will not withdraw the cases and those found guilty will be punished,” he said.
However, Hari Narayan Belbase, director of DoCSM, said that the names of the shops cannot be disclosed officially as it may influence the investigations.
Tej Ratna Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers´ Association, said the government´s decision to take action is impractical as the monitoring carried out did not have any guidelines or any basis.
Though the Ministry of Commerce and Supplies has drafted a proposal to standardize the price and quality of gold, silver, diamond and items made from these, bullion traders say it does not address their demands and is very impractical.
Ramesh Maharajan, chairman of the Federation of Nepal Gold, Silver, Gem and Jewelry Associations, said that bullion traders have closed their shops to protest the lack of clear guidelines for monitoring and demand that the draft prepared by the government be made trader-friendly. They have also demanded that the cases already filed be withdrawn as the guidelines are not yet ready, and that traders be given more time for hallmarking.
Former chairman Shakya said the government should provide traders a chance for correcting their mistakes.
Earlier, on April 23, bullion traders associated with the Federation of Nepal Gold, Silver, Gem and Jewelry Associations closed all shops associated with it for three days.
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