NCC president launches FNGSGJA digital platform, says it will 'modernise Nepal's gold, silver trade'

KATHMANDU: Nepal Chamber of Commerce (NCC) President Kamlesh Kumar Agrawal said a new digital initiative launched by Federation of Nepal Gold, Silver, Gem and Jewellery Associations (FNGSGJA) will significantly assist in modernising, organising and increasing transparency in the domestic gold and silver trade.

Speaking as chief guest at the official inauguration of the FNGSGJA website and mobile application, Agrawal said the gold and silver sector represents a living heritage deeply connected to Nepal’s history, culture, art and traditions. He said merging traditional craftsmanship and indigenous designs with modern technology, branding and international markets could help ‘Made in Nepal’ jewellery secure a distinct identity globally.

Agrawal said rising global gold prices have brought both positive and negative impacts to the industry. He expressed concern about a measure in the government’s budget for fiscal year 2026/27 that raises the tax on sales of gold, silver and related jewellery by an additional 0.5%, saying it would add pressure on legitimate businesses.

He urged the government to broaden the tax base, improve tax administration and suppress illegal trade. He pointed to gold smuggling, security risks, shortages of skilled labour and the outward migration of craftsmen as major challenges facing the sector.

NCC President Agrawal called for effective coordination among commercial groups, banks, insurance companies and security forces, and said the private sector should be viewed as an economic development partner. He pledged the NCC’s commitment to business-friendly policies, a stable tax structure, protection of artisans and the promotion of Nepali handicrafts.

FNGSGJA President Kisan Sunar said the new digital tools were created to move the traditional sector into a modern, systematic and tech-friendly industry. He said the unified digital platform connects provincial and district associations for member records, information sharing, data management and administrative services.

Under the new system, each provincial and district body will maintain its own dedicated website, with membership renewals, identity cards and certificates accessible digitally. Sunar added that the system significantly reduces SMS notification costs and allows members to post buying or selling details, create direct business-to-business links, analyse historical price trends for gold, silver and the US dollar, and generate rapid cost estimates to share directly with clients via WhatsApp.

FNGSGJA expressed confidence that the platform will improve member services, broaden access to market data, enhance business transparency and link Nepal’s precious metals industry with international markets.