Gold Consumption in Nepal

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Gold Consumption in Nepal

Gold is not only ornament; it is also a part of saving and has a healing effect. Gold is the best collateral for taking loan as well.

--BY KRISHNA RAJ BAJGAIN

Gold - the world's  widely used precious metal, a symbol of prosperity of nations and people, a  backup for national economies, one of the balancing tools of inflation, and a basic element for jewellery and  coinage - has always proved its relevance irrespective of time, geography, culture and practices. Nepal is no exception. The annual growth of 17% in gold imports reflects the importance of the yellow metal in Nepali society.  Remittance-induced   prosperity has further fuelled  the demand for gold in Nepal.  As conspicuous  consumption has been the basic characteristic of Nepali consumers, the demand for gold will never come down here. Nepal ranked 41st position in the world in 2020  with a 0.05% share in total gold imports.

Rising gold imports have some positive impacts on our national economy as it generates employment and provides a reliable source of collateral.  Investment in gold helps to reduce inflation as well. Gold also has some hygienic benefits when wearing it as ornaments.  

For centuries, gold has secured its sacred place in society as a rarely available precious metal.  But its healing characteristics have been overlooked for a century. According to Ayurveda, gold has both curative and preventive medical uses.

Wearing gold ornaments is said to improve intellect, digestion, metabolism, immunity, and physical strength. promotes longevity, improves skin tone, protection from bacterial infections, prevents common recurrent infections, asthma and other allergic conditions, improves memory, attention span, concentration and learning ability, and reduces temper tantrums, attention deficits, bed-wetting and other neuro-psychosomatic problems and improves speech, hearing and visual acuity.

In keeping view of these facts, gold should not only be treated as an economic element. It is also a healing element as the mere wearing of gold ornaments  is believed to solve numerous health-related issues. So import of gold should not be discouraged unless the metal is being traded for illicit purposes. 

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