Gold Jewelry worth Rs 387 Million Exported in Last Fiscal Year

August 6: Gold jewelry worth Rs 387.17 million were exported from Nepal in the last fiscal year (FY 2077/78). Based on quantity, 38 kg of gold jewelry were exported to different countries.

According to the foreign trade data released by the Department of Customs, the export of gold jewelry started last year after the HS code was issued. Statistics show gold jewelry was mostly exported to the United States, Australia and Hong Kong.

Among the three countries, maximum amount of gold jewelry was exported most to the United States. Jewelry worth Rs 286.09 million was exported there during the review period. Similarly, gold jewelry worth Rs 67 million was exported to Hong Kong and Rs 43.78 million to Australia.

Prior to this, gold jewelry worth Rs 1.516 million were exported to China in the fiscal year 2072/73. After that, the data for the export of gold jewelry up to the previous fiscal year is not available. However, traders say that a small amount of gold jewelry may have been exported in between. The data of the department has shown that the export of gold jewelry has started on a large scale since the beginning of last year.

Gold jewelry has not been widely traded in the domestic market due to rising prices and the coronavirus pandemic. In such situation, traders have started exploring markets abroad and there has been positive response.

Lately, demand for gold jewelry from Nepalese citizens in countries like the USA, Hong Kong and Australia has been increasing. President of the Federation of Nepali Gold and Silver Dealers Association, Manik Ratna Shakya said that gold ornaments are in high demand from them. He says that jewelry of Nepali traditional designs are mostly demanded by them.

"They have been demanding non-foreign jewelry," he said. "There is a demand for Nepali authentic jewelry such as Tilaharai and bangles, which are not made abroad."

He says that the exports of gold jewelry will also go on increasing in upcoming days. “We have recently signed an agreement with Gateway Payment Nepal on international electronic payment services. Accordingly, foreign customers can now easily order jewelry by paying money online,” he said, adding, “Also, the way gold jewelry exports have increased in the last one year, it seems that its exports will increase further in the coming days.”