KATHMANDU: Gold and silver traders have once again hit the streets, demanding the immediate rollback of what they call an “unjust and impractical” luxury tax introduced in the new fiscal budget.

The Nepal Gold and Silver Dealers and Artisans Struggle Committee resumed demonstrations in the New Road area on Friday, objecting to the newly announced 2% luxury tax on gold ornaments, which they say has deepened the industry’s ongoing crisis.

Although the committee had paused street protests temporarily, it revived them citing the government’s indifference to their repeated demands.

Coordinator Bipendra Ramudamu said traders are also opposing a proposed 13% value-added tax (VAT) on diamonds and precious stones used in jewellery, calling it damaging to small artisans and dealers.

The protesters further called for the removal of the existing gold import quota system, claiming it has severely restricted supply and made their businesses unsustainable.

“If these taxes and restrictions are implemented, our entire industry will collapse,” warned Ramudamu, vowing to continue protests until the government withdraws the controversial provisions.