July 10: Nepal exported gold jewelry worth Rs 485.32 million as of mid-June of the current fiscal year. Nepal has been exporting gold jewelry since the last fiscal year. As per the data of the Department of Customs, the export of jewelry has been increasing of late.
The exports of gold jewelry has increased by 40 percent during the review period. Gold jewelry worth Rs 345.11 million was exported during the same period of last fiscal year. This time, the export of jewelry increased by Rs 135.1 million. On the basis of quantity, jewelry weighing 55 kg and 514 grams were exported in the review period.
Gold jewelry is being exported since last fiscal year after the Department of Customs issued its harmonic code. Entrepreneurs say that the export of gold jewelry is increasing lately.
According to statistics, Nepal exports gold jewelry to the United States, Australia and Hong Kong. Of these three countries, the maximum export was made to the United States. Jewelry worth Rs 411.6 million was exported to the United States during the review period. Likewise, jewelry worth Rs 52.7 million was exported to Hong Kong and Rs 18.8 million to Australia.
Prior to this, Nepal had exported gold jewelry worth Rs 1.516 million to China six years ago in the fiscal year 2072/73. After that, insignificant amount of gold jewelry may have been exported, says a businessman. As per the businessmen, since the last fiscal year, the export of gold jewelry started in large scale.
Lately, the number of Nepalis living in countries like the USA, Hong Kong and Australia is increasing. They are the ones who make demand for gold ornaments made in Nepal.
Officials of the Federation of Gold and Silver Dealers Association say that the people living abroad are demanding traditional Nepali jewelry.
The Non Resident Nepalese (NRNs) make demand of the jewelry that cannot be made abroad. They demand jewelry like tilhari and bangles which are not made abroad. Some businessmen have also started exporting Nepal's original jewelry by contacting businessmen abroad.
