The irregularities were found when a joint team from the Department of Commerce and Supply Management (DoCSM) and NBSM inspected three jewelry outlets in the New Road area and one at Durbar Marg, Tuesday. [break]
The monitoring team inspected Shree Riddhi Siddhi Jewellers, Shalimar Jewellers and Shagoon Diamonds at Bishal Bazar and Geetanjali Jewellers at Durbar Marg.
“The team found that Shree Riddhi Siddhi Jewellers had been selling diamond jewelry without license and was also using an uncertified weighing machine while Geetanjali Jewellers was likewise using uncertified weighing machines. We have instructed both establishments to stop selling diamond jewelry until they show proof of authorization and certification of their weighing machines,” said Hari Narayan Belbase, director of DoCSM.
Under existing rules, weighing machines should be certified by NBSM and the certification renewed annually.
However, Shree Riddhi Siddhi Jewellers denied any irregularity on their part and said their weighing machines were duly certified and they had full authorization to sell diamond jewelry.
The team did not find any irregularities at Shalimar Jewellers and Shagoon Diamonds.
“We have collected samples of gold jewelry from all four shops for determining if they are cheating on quality. NBSM has taken the samples and we are awaiting the quality test report,” said Belbase.
Earlier, the government had carried out market monitoring on April 22 and bullion traders had protested the way it was done. They had submitted a memorandum to the government, demanding regulations for monitoring, and closed their shops protesting that the monitoring they were subjected to was unsystematic and a terrifying experience.
The monitoring team had inspected Ganapati Jewellers at New Road and RB Diamond Jewelers and Tejmin Jewellery at Pyukha.
The monitors had found that the shops were using dodgy weighing machines and a high amount of fillers and additives in gold and diamond jewelry. In the case of silver articles, it was found that cadmium use was involved.
Gold dearer by Rs 1,600
After continuous drop in price for more than a week, gold increased by Rs 1,600 per tola (11.664 grams) in the domestic market on Tuesday. Gold was traded at Rs 50,300 per tola, up from Rs 48,700 on Monday.
According to the Federation of Nepal Gold and Silver Dealers’ Associations, the price of the yellow metal increased in the local market in line with the increment in the international market.
Silver also became dearer, by Rs 35 per tola, on Tuesday and traded at Rs 864 per tola.
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