Unlike in the past, when jewelry shops were mostly housed in crammed one-room facilities, the new outlets are a lot more ambitious as they are spread over a huge space with better interiors and aesthetics that redefine the way precious metals and stones were showcased and traded, so far.[break]
Nepal Gold and Silver Dealers´ Association (Negosida) claims 14 large-scale jwelery shops have come into operation in the capital in last one year.
"Real estate, banking and automobile sectors not doing well in recent times has proved a blessing in disguise for us as people have understood that gold is the safe haven investment for them," said Shiva Lamichhane, proprietor of Barah Jewelers. Barah Jewelers, which started its business from Dharan in 2001, currently has four branches in the country and one in London.
Negosida President Tej Ratna Shakya said more jewelry stores mean enhanced attraction of investors for gold. Besides, a lucrative way of ´getting cash for gold´ is a growing trend, facilitated by online commodity markets.
The association has encouraged traders to introduce the corporate culture in the jewelry business and merge their small shops into a big outlet, Shakya said. He said people ask for the latest designs and showcasing all of them require big showrooms and huge investments.
Though a number of traders have merged their small businesses and gave birth to big ventures with huge investments, they said a lot needs to be done to establish a corporate culture in this sector. Traders still have lot of misgivings. They do not have the feeling that working together is for their betterment and for the overall development of the sector, adds Shakya.
New Bhaibav Jewelers, Barah Jewelery, the United Gold Mart, Ridhi Sidhhi Jewelers, Balaji Diamond, Ganapati Jewelers are among the large-scale jewelry stores with huge investments.
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