KATHMANDU: Gold and silver traders have decided to temporarily suspend their ongoing protests.
A joint national assembly of the Federation of Nepal Gold and Silver Dealers’ Association and the Federation of Nepal Gold, Silver, Gem and Jewellery Associations held on Wednesday announced the suspension of the agitation.
Despite the government not addressing their demands, traders have agreed to reopen their shops starting Thursday in Kathmandu and across Bagmati Province, which had remained closed for the past few days as part of their protest.
The traders have given the government an ultimatum until July 16 to fulfill their demands. Their key demands include the removal of the 2% luxury tax on gold and the 13% VAT on diamonds and precious stones, as well as a revision of the gold customs duty to ensure parity with rates in India.
The associations have warned that if the government fails to address their concerns by the end of Asar, they will launch a more forceful nationwide protest through a unified struggle committee.
Gold and jewellery traders across the country had recently staged protests, including shutting down their shops, to pressure the government into policy changes they argue are hurting their businesses and promoting illegal gold smuggling.
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