The study valuates different useful traits of rice landraces in Nepal to demonstration an empirical methodology for biodiversity valuation. A sample of 200 rice growers in hills and plain area was surveyed for the production of different landraces and their market price. For estimating the value put by the consumers on different rice traits a hedonic pricing model was used to disaggregate the prices paid by the consumers for different useful traits of rice. For estimating derived demand of seeds with different useful traits by the farmers, a contingent valuation method is employed. The results show that the consumers value Rs 11 billion per annum for aromatic trait and rupees two billion for tasty trait. The findings of the study will be helpful to prepare market based strategies for rice biodiversity conservation.