Gemstones refinery in pipeline

Kathmandu, May 17: Prime Minister KP Sharma Oli on Friday said that the budget of the next fiscal year 2019/20 would include programme to develop the gem and jewellery sector.

"There is a need to promote the processing and export of the precious and semi-precious stones, gems and jewelleries. This sector can have significant contribution to the national economy," he said while inaugurating the Nepal International Gem and Jewellery Expo 2019 at the Department of Mines and Geology (DMG), Lainchaur.

According to the government's Policy and Programmes for the next fiscal, 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 province. The province 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 them, he said. "We need to modernise the gem and jewelleries 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 jewellery 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 Jewellery Associations (FNGSGJA) Ramesh Maharjan said that the expo was organised to promote Nepali gems, jewelleries 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 jewellery, 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 jewellery, 2 silver jewelry, 2 gems cutting, 12 rock and minerals and 4 education.

The expo is jointly organised by the DMG and FNGSGJA.

Published in The Rising Nepal daily on 18 May 2019.