[🇧🇩] Jewelry Industry in Bangladesh

Bajus unhappy over imposition of higher tax, VAT on jewellery in proposed budget
Published :
Jun 09, 2024 21:30
Updated :
Jun 09, 2024 21:38

Jewellery traders on Sunday expressed dismay over the proposed national budget for FY2024-25, as it has failed to meet their expectations in encouraging the jewellery business in the country.

The 5 per cent VAT imposed on the sale of gold ornaments should be reduced to 3 per cent, they demanded. If implemented, Tk 10 billion of revenue will be collected from the jewellery sector, the jewellers said.

"The proposed budget has failed to meet the expectations of the jewellery industry. Although the NBR has repeatedly promised to address the problems and meet the demands of traders in the pre-budget meetings, there is no reflection of it in the proposed budget," said their association at a news conference in the city.

Bangladesh Jeweller's Association (Bajus) organised the conference and demanded their already proposed 15-point demand needs to be met in the proposed budget.

Bajus President Sayem Sobhan Anvir, Bajus General Secretary Badal Chandra Roy, Bajus spokesperson Dr Dilip Kumar Roy were present at the conference.

Although it has been repeatedly said that the manufacture and export of gold bars, coins and gold ornaments through legal channels will be encouraged, the import of raw materials and machinery related to this sector has been burdened with unequal duty rates, it said.

An unplanned source tax burden has been imposed on traders. The price of gold in our local market is always Tk 8-10 thousand higher than in the international market. One of the reasons for this is the unbearable duty rate on the import of raw materials and machinery.

Regarding the baggage rule in the proposed budget, Finance Minister Abul Hassan Mahmood Ali said, "In order to evade customs duty, passengers arriving from Middle Eastern countries bring gold ornaments with light designs on 24-carat jewellery. In that case, I am proposing to add the definition of gold ornaments in the case."

Bajus fully agrees with this statement of the finance minister, it said.

Currently, due to inflation and the dollar exchange rate, it costs around Tk 1,17,177 to buy 1 bhori of jewellery gold. Adding Bajus' fixed minimum wage of Tk 7,031 and 5 per cent VAT of Tk 6,210 brings the total price to Tk 1,30,418.

To read the rest of the news, please click on the link above.​

Jewelry industry still depends on informal sources

Star file photo

The jewellery industry in Bangladesh has apparently remained largely dependent on unauthorised channels for sourcing gold although there is no direct government bar on importing the precious metal.

Industry insiders said the taxes on legally importing gold were high, which was the main reason companies felt more comfortable sourcing gold from unauthorised channels.

Companies source gold by taking advantage of the National Board of Revenue's (NBR's) baggage rules and through other informal avenues, they added.

In 2018, the government framed a policy on gold to boost its import, prevent smuggling and ensure greater transparency in its trade.

A year later, Bangladesh Bank (BB) awarded licences to 18 companies and a bank to import gold.

Between 2020 and 2021, the banking regulator approved the import of 306.76 kilogrammes of gold bars to 12 companies, including Diamond World Ltd, LaxmiJewellers Ltd, BDEXgold and Rotno Gold Corner, showed central bank data.

But till now, eight of those companies have imported only 133.37 kg of gold bars despite the huge demand for gold in the local market.

Of them, Diamond World, one of largest jewellery companies, imported 63.5 kg, Riya Jewelers imported 30.45 kg, Aroosa Gold Corporation imported 14 kg, Jarwa House Pvt Ltd imported 11.66 kg and Golden World Jewelers imported 7.82 kg, showed the BB data.

The yearly demand for gold in the local market stood between 20 tonnes and 40 tonnes, according to Gold Policy-2018.

About 80 percent of the demand is still met by smuggled gold, as per industry insiders, causing huge revenue losses for the government every year.

The tax on gold import needs to be reduced, otherwise imports through legal channels will not increase, opined Dewan Aminul Islam Shahin, vice-president of Bangladesh Jeweller's Association (Bajus).

To read the rest of the news, please click on the link above.​

Exporting Gold, Jewellery: Bangladesh's Shimmering Opportunity
Publish: Friday, 16 February, 2024 00:00


M Munir Hossain

In Bangladesh, the allure of gold transcends mere aesthetics; it is deeply embedded in the cultural fabric, serving as a symbol of prosperity, tradition and social status. For centuries, gold has held a revered position in Bangalee culture, woven intricately into traditions, weddings, festivals and rituals. It symbolises not just wealth, but also purity and familial heritage, forming an integral part of people's lives and identities.

According to a report by the World Gold Council, Bangladesh boasts a long tradition of gold jewellery consumption, with an average annual demand of approximately 15 tonnes over the past decade. This consistent demand places Bangladesh among the top consumers of gold jewellery in South Asia.

Despite its cultural prominence, the jewellery sector in Bangladesh was historically considered informal. However, the proactive leadership of the Bangladesh Jewellers Samity (BAJUS) over the past few years has brought together some 40,000 jewellery traders under its umbrella, signalling a shift towards formalisation and global competitiveness of the industry.

Envisioning the future potential of the gold sector, one can draw parallels to the transformative journey of the ready-made garments (RMG) industry. With proper policy support and strategic investments, the gold industry has the potential to emerge as the country's leading foreign currency earner in the years to come. The ever-increasing global demand for gold and jewellery presents a promising opportunity for Bangladesh to position itself as a key player in the international market.

On the global stage, the demand for gold jewellery continues to soar, driven by the increasing affluence of emerging markets, particularly in Asia and the Middle East. The market size is projected to grow from 4.42 kilo tonnes in 2024 to 6.32 kilo tonnes by 2029, with a compound annual growth rate (CAGR) of 7.38%. Furthermore, the global jewellery market is anticipated to exceed $500 billion by 2030, presenting Bangladesh with significant opportunities for growth and expansion.

To read the rest of the news, please click on the link above.​

Prospect of gold sector in Bangladesh
M S Siddiqui
21 Dec 2022 00:02:44 | Update: 21 Dec 2022 00:02:44



Bangladesh is one of the countries in South and Southeast Asia which is traditionally known as producer of finest quality gold ornaments and jewelleries. The artisans of this industry have a long reputation as producers of the finest quality gold ornaments and jewellery. Though it is one of the oldest industries in the country. It has not developed to its desired potential because of certain limitations which involved the non-availability of gold to the business, financial support and a local market. As a result, the industry has not developed in the area of technology, production process, designing and innovation of jewelry products.

The major constrains faced by the jewelley industry in Bangladesh is the supply of gold which is banned from import until government formulate policy and issue The Gold Policy 2018 to allow import of gold under certain strict regulation. Until propagation of the policy, the industry was depending upon supply of gold from passengers of middle east under baggage rule and smuggling by professional smugglers since the independence. Bangladesh since its inception in 1971 has not imported any gold until recent time. Before independence, the State Bank of Pakistan established a quota for import of gold but that had been cancelled but industry was running since independence. On the other hand, gold smuggling in Bangladesh is at a record high with the country emerging as a major route into neighboring India.

While looking back to the history, in 1986, a study was undertaken at the initiative of Micro Industries Development Assistance Society (MIDAS) as a part of its scheme to help promote the growth of small industries sector in Bangladesh to determine the present status and the feasibility of exporting 'Gold Jewellery'. They have observed that the growth and development of gold jewellery have not much prospect in the local markets. However, opening of export channels in this sector may help the industry to grow as a result of caving a broader profitable market. The export trade in gold jewelleries will not only help to earn of valuable foreign exchange for the country but also would provide the security of jobs for the already employed 2-3 lakhs of artisans in this sector.

In April, 1981 a team comprising the officials of the Export Promotion Bureau and representatives of the local gold jewellery trade visited Dubai and Abu Dhabi in connection with Export Fair held there. It was felt by the team during their visit that there exists a demand for the kind of jewelleries that Bangladesh exhibited in the fair in the country concerned and that there exists a potential for exporting gold jewelleries in that market.

In 1985 Bangladesh Bank for the first time formulated a scheme outlining the guidelines and procedures for exporting gold jewelleries from Bangladesh titled as "Jewellery Export Scheme". The Export Policy for 1984-85 identified jewellery as one of the new export products for development. Unfortunately, those efforts could not develop the sector until the Gold Policy 2018 has been issued by the government. Bangladesh government issue the Gold Policy 2018 for import of finished gold in the form of gold bars and finished jewellery but not import of gold ore. Subsequently in 2021 amended the policy and allow import of unrefined and partially refined gold and gold ore.

To read the rest of the news, please click on the link above.
​

Indian businessmen keen to invest in Bangladesh's jewelry industry


Bashundhara Group managing director and Bangladesh Jewelers' Association president Sayem Sobhan inaugurates the B2B summit 'Sonar Bangla' in Goa, India.

Leading Indian businessmen have expressed their interest to invest in setting up jewelry manufacturing factories in Bangladesh.

They have shown the interest after receiving a request from Bangladesh Jewelers' Association president Sayem Sobhan during an international expo held in India recently, said a press release.

Addressing the opening ceremony of the exposition, the BAJUS president said that Bangladesh has skilled goldsmiths while India has skilled designers, said a press release.

'The collaboration between the two neighbors will help boost the industry. The subcontinent will lead the global jewelry industry with joint efforts. None will be able to hinder the growth of the sector,' he said.

BAJUS in association with Indian company KNC Services Ltd organized the first-ever B2B summit styled 'Sonar Bangla' at five-star hotel The Leela in the Indian state of Goa.

Chief Mminister of Goa Pramod Sawant addressed the inaugural session virtually while Bashundhara Group director Sabrina Sobhan was on stage.

BAJUS vice-[resident and chairman of its Standing Committee on Foreign Trade and Market Development Badal Chandra Roy, Sonar Bangla Expo convener Hasmukh Parekh and KNC Services Ltd founder Kranti Nagvekar spoke on the occasion.

Sayem Sobhan Anvir along with the guests cut the ribbon at the entrance of the expo arena.

After the inaugural ceremony, Anvir held several bilateral meetings with top Indian businessmen in the jewellery sector.

During the meeting, Indian businessmen expressed their interest in investing in setting up jewellery factories in Bangladesh in response to the call of Sayem Sobhan Anvir.

They lauded Bangladeshi artisans and said Bangladesh has a reputation for handmade jewellery.

Taking advantage of this opportunity, Indian businessmen want to come forward with technical and technological support, the release added.

Speaking as the chief guest at the inaugural function, Sayem Sobhan said that India is far ahead of Bangladesh in the jewellery sector and Bangladesh is now trying to stand up.

'My request is that India, as our close friend and neighbour, will extend its hand of cooperation to Bangladesh. I invite Indian jewellery traders to set up manufacturing plants in Bangladesh. If Bangladesh and India work together, the business of both the countries will improve. As a result, we will be able to expand our business more than other countries in the world,'he said.

Making a call upon Indian businessmen, the BAJUS president said you should set up a factory jointly with the member organisation of Bangladesh Jewellers Association.

'Do not associate any jewellery trader who is not a BAJUS member with your business. There are many jewellery traders in Bangladesh who, without being a member of BAJUS, are tarnishing the reputation of this business, do not run any manufacturing factory jointly with them,' he said.

Sayem Sobhan Anvir further said that Bangladesh businessmen will participate spontaneously in response to your call whenever you organise a fair like Sonar Bangla.

'In the same way, when we organise such a fair, you must participate. We were impressed by KNC's hospitality. There was a kind of emotional feeling in KNC's hospitality that inspired us,' he added.

The BAJUS president ended his speech by thanking everyone sincerely. In a video message on the occasion, Goa chief minister Pramod Sawant appreciated BAJUS president Sayem Sobhan Anvir for coming to Goa.​

BD can tap huge potential of handcrafted gold jewelry, BAJUS seminar told
Published :
Feb 13, 2023 06:15
Updated :
Feb 13, 2023 06:15

Bangladesh may tap the huge potential of handcrafted gold jewellery in the international market as there are many traditional jewellers in the country.
This was observed at a seminar on the 'Potential, challenges and way forward for the jewelry industry' organized by the Bangladesh Jeweler's Association (BAJUS) at the International Convention City Bashundhara on the sideline of three-day jewelry fair, says a statement.

Industries Minister Nurul Majid Mahmud Humayun was present at the seminar as the chief guest while President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Jashim Uddin and BAJUS President Sayem Sobhan Anvir were present, among others.

According to a keynote presented on behalf of the BAJUS, unavailability of raw gold, lack of large investment, dependence solely on the local market are some of the key challenges to flourish in gold sector.

Besides, there has been no import of gold through legal channel since independence as there has been no proper policy in this regard in the country.

The BAJUS also said the handcrafted gold is a labor intensive industry and there is a significant value addition.

"Such jewelry is mostly crafted in India and Bangladesh. But Bangladesh cannot make a noteworthy contribution to the global market of handcrafted ornaments," the presentation said.

Local jewelers have goodwill for their craftsmanship, but they have to work for Indian companies as they get little scope to work in the domestic market, he said.

India earned $7.83 billion from the export of such jewelry in the year 2020.

Bangladesh lags much behind in terms of overall gold jewelry global market.

In his speech, FBCCI President Jashim Uddin said Bangladeshi gold jewelry has good demand in different countries like the USA, Canada and Middle East countries.

He added the smuggling of the yellow metal has been a major challenge for the sector.​

Bangladesh future model of global jewellery industry: Dilip Roy
District Correspondent | banglanews24.com
Update: 2022-04-16 15:29:49



Speakers at a programme in Faridpur on Saturday said under the leadership of Bangladesh Jewelers Samity (BAJUS) President Sayem Sobhan Anvir, Bangladesh will be a model of the global jewelry industry in the future.

While addressing the Faridpur District Representatives' Meeting-2022 of BAJUS at Faridpur Press Club Hall Room, they hoped BAJUS will be the top business organisation in the country.

Former BAJUS President and Chairman of its District Monitoring Standing Committee Dr Dilip Kumar Roy was the chief guest at the programme with BAJUS of Faridpur district Convener Nanda Kumar Baral in the chair.

In his speech, Dilip Kumar Roy said, "Our main goal is to bring all the gold traders across the country under the banner of BAJUS. These representatives' meetings are being held at the divisional and district levels under the directions of the BAJUS president to unite all."

He also said, "Bangladesh will be a model in the global jewelry industry in the future. The new president of BAJUS, Sayem Sobhan Anvir's business insight, creativity and prudence will further enrich Bangladesh's jewellery industry. Thus, the jewelry industry will regain its lost past heritage in the near future."

"We all want to change the history of the jewellery industry together. Our new leadership Sayem Sobhan Anvir is planning to refine liquid gold and export it abroad. We'll all implement these plans together."

According to other speakers, gold traders will be able to trade in gold with their heads held high. 'Made in Bangladesh' will be inscribed on the gold bars and the gold bank will be set up in the country, they said, adding that no one will be able to claim the gold of the trader as stolen one.

Faridpur Municipality Mayor Amitabh Bose inaugurated the representatives' meeting organised by BAJUS of Faridpur district unit.

Among others, Ward-20 councilor of Faridpur municipality and panel mayor-2 Matiur Rahman Shamim, renowned gold traders Arun Kumar Dutta and Basudeb Karmakar, former general secretary of BAJUS Faridpur Sunil Chandra Karmakar, former convenor of BAJUS Faridpur Amal Chandra Karmokar, Kanaipur Jewellers Samity president Anand karmokar and Bhanga Thana general secretary M Nazrul Islam.​

Jewelry machinery expo to be held in July 4-6
United News of Bangladesh . Dhaka 24 June, 2024, 22:21


The Bangladesh Jeweler's Association is organizing the International Jewelry Machinery Expo-2024 in the first week of July to encourage upgrade technology along with traditional goldsmiths of this sector.

A total of 30 institutions from 10 countries, including India, Turkey, Italy, the United Arab Emirates, Germany, China and Thailand, will participate in this expo, which is scheduled to be held in July 4-6 at International Convention City Bashundhara, Kuril in the capital Dhaka.

On the occasion, BAJUS organized a press conference at its office at Bashundhara Shopping Complex, Panthapath in Dhaka.

In a written statement, Samit Ghosh Apu, vice-president of BAJUS, said that the International Jewelry Machinery Exhibition Bangladesh 2024 was being organized for the first time in the country.

He said that this exhibition was being organized to encourage investors to develop the jewelry industry in the country and set up new factories.

BAJUS general secretary Badal Chandra Roy, spokesperson Dilip Kumar Roy, adviser Ruhul Amin Rasel and CEO of expo associate KNC India Kranti Gagvenkar, among others, spoke in the press conference.

Tags Jewellery machinery expo Bangladesh Jeweller's Association​

https://thefinancialexpress.com.bd/economy/bangladesh/bangladeshs-forex-reserves-stand-at-2715b

Indian jeweler Titan to set up factory in Meghna economic zone
Published :
Jun 29, 2024 11:57
Updated :
Jun 29, 2024 11:57


Titan, one of India's leading lifestyle companies, has decided to setup a factory in the Meghna Economic Zone in Narayanganj through a joint venture with a local enterpriser named 'Rhythm Group' to manufacture and marketing products in Bangladesh for its flagship jewellery brand Tanishq.
A joint venture agreement was signed between Titan Company Ltd of Tata Group and Bangladesh's Rhythm Group at Titan's headquarters in Bangalore city of India's Karnataka state on Friday.

Titan's Managing Director C K Venkatraman and Rhythm Group Managing Director Shohag Hossain inked the deal on behalf of their respective sides while Titan's International Business Division CEO Kuruvilla Markose was present, reports BSS citing a press release.

According to the agreement, a state-of-the-art manufacturing facility for Tanishq's exquisite jewellery will be established in the economic zone.

The jewelries' produced in Bangladesh will not only meet local demand but also be exported to Tanishq's 450 outlets in India and other countries, thereby generating employment opportunities in Bangladesh, said the report.

In the past three years, it said, Tanishq has successfully launched operations in the UAE, Qatar, Oman, USA, and Singapore while the joint venture with Rhythm Group marked a significant step in Tanishq's entry into the Bangladeshi market.

"We aim to offer unparalleled value across the entire value chain, from craftsmen to retailers to customers in the region," said Markose on the occasion.

After signing the agreement, Venkatraman said it is a milestone deal as Titan enters the Bangladeshi market. "We aim to elevate the jewellery industry in Bangladesh and establish the country as a hub for manufacturing Tanishq's exquisite products for the global market," he added.

Shohag Hossain said that they plan to open five Tanishq jewellery outlets in Dhaka shortly after establishing the manufacturing facility in the economic zone.

"Partnering with Titan, India's leading Lifestyle Company from the renowned Tata Group, promises a prosperous future for our country and our diverse business interests," he added.

For over two decades, Tanishq, Titan's flagship jewellery brand from the Tata Group, has been synonymous with superior craftsmanship, exclusive designs, exceptional customer service, and guaranteed product quality, said the release.

Rhythm Group will also be responsible for retail marketing of various Titan lifestyle products including watches, eyewear and skin perfume,​

Bronze jewellery of Gopalganj recognised as GI product
Bangladesh Sangbad Sangstha . Gopalganj 12 July, 2024, 22:38


| BSS photo

Bronze jewellery of Gopalganj has been recognised as a geographical indication product. This is the second product from the district to get this recognition.

Earlier, Rosogolla from Gopalganj received GI recognition as the first product in the district.

Deputy commissioner Kazi Mahbubul Alam confirmed the matter to BSS, and said that the Department of Patents, Industrial Designs and Trademarks under the Ministry of Industries published the journal on Thursday.

This publication, made in accordance with Section 12 of the Geographical Indication of Goods (Registration and Protection) Act, 2013, officially registered Gopalganj's bronze jewellery as a GI product.

This recognition is expected to promote the tradition of bronze jewellery from Jalirpar union under Muksudpur upazila globally.

'We believe it will also help improve employment opportunities and the living standards of artisans involved in bronze jewellery making. The bronze industrial economy will become more dynamic, leading to an overall improvement in the socio-economic condition of the area,' added the DC.

On March 12, the district administration applied to the concerned ministries and departments for recognition of the GI product of bronze jewellery of Jalirpar union.

Subhash Baidya, a businessman of bronze market and former member of ward no 7 of Jalirpar union under Muksudpur upazila, said: 'The village is well-known for making bronze jewellery for about 100 years. Over time, it has spread from house to house throughout Jalirpar union, gaining national fame. Eventually, the reputation of Jalirpar's bronze jewellery reached foreign markets.'

He added that recently, bronze jewellery from various countries, including India, has captured about 50 per cent of the local market.

Despite this competition, the bronze jewellery industry of Jalirpar has been sustained by hundreds of families. There are still 45 shops in the Jalirpar union bronze market where bronze jewellery is sold, he added.

Jagdish Sheel, a bronze jewelery maker from Jalirpar village, said that if the government modernised this industry and provided training and all kinds of supports, they would be able to maintain the hundred-year tradition of bronze jewellery.

This industry will make the country's economy more prosperous and dynamic, he added.​

Gold price hits all-time high in Bangladesh
FE ONLINE DESK
Published :
Aug 20, 2024 23:17
Updated :
Aug 20, 2024 23:17



Gold price in Bangladesh has been raised again. The price of the highest quality 22-carat gold has been increased by Tk 1,517 per bhori (11.664 grams), setting the new price at Tk 124,502 per bhori. This marks the highest gold price in the history of the country.

The price hike is attributed to the increase in the price of pure gold (acid gold) in the local market. The new prices will come into effect from Wednesday (August 21), as announced by Bangladesh Jewellers Association (BAJUS).

The decision to raise the price was made during a meeting of the BAJUS Standing Committee on Pricing and Price Monitoring on Tuesday.​

Gold price hits new record high of Tk 127,942 per bhori
FE ONLINE DESK
Published :
Aug 26, 2024 00:10
Updated :
Aug 26, 2024 00:10



Gold prices in the country hit a historic high of Tk 127,942 a Bhori and the Bangladesh Jewellers Association (Bajus) decided to make the rate effective from Monday.

The local jewellers raised the price of the highest quality 22-carat gold by Tk 1,936 per bhori (11.664 grams), Bajus said in a statement on Sunday.

The price hike has been attributed to the increase in the price of pure gold (acid gold) in the local market.​

Gold to hit close to Tk 130,000 per bhori for first time



Gold prices are set to hit around Tk 130,000 per bhori (11.664 grammes) tomorrow as the Bangladesh Jewellers' Association (Bajus) hiked the rates citing an increase in the cost of pure gold.

The price of gold, a popular metal among people from all walks of life, will increase by 2.8 percent from the previous rate of Tk 126,321 a bhori, which has been effective since September 2.

Today, the Bajus advised its members to sell gold at Tk 11,137 per gramme from Sunday, up from Tk 10,830 per bhori.

The price of the precious metal is set to break the previous record of Tk 127,942 a bhori, announced on August 25, this year.

Bangladesh's estimated annual demand for gold currently stands between 20 and 40 tonnes. Around 80 percent of the demand is met by smuggled gold, according to industry people.​

Gold price rises by Tk 3044 a bhori, hits all-time high of Tk 138708
FE ONLINE DESK
Published :
Sep 25, 2024 21:14
Updated :
Sep 25, 2024 21:15



The price of gold in Bangladesh has surged once again, setting a new all-time high. The price of the best quality gold, 22-carat, has risen by Tk 3,044 per bhori (11.664 grams), bringing the new price to Tk 138,708.

This latest hike is attributed to a rise in the price of refined gold in the local market. The new prices will come into effect on Thursday (September 26), the Bangladesh Jewellers Association (BAJUS) said.​

Gold price cut by Tk 1,259 per bhori
FE Online Desk
Published :
Sep 28, 2024 20:33
Updated :
Sep 28, 2024 20:33



The prices of gold have been revised downward due to a fall in pure gold prices in the local market.

Bangladesh Jewellers’ Association (Bajus) on Saturday reduced the price of 22-carat gold by Tk 1,259, fixing the price of the high-quality gold per bhori (11.664 grammes) at Tk 137,449.

The new rate would come into effect from Sunday, BAJUS said in a statement.​

Gold price crosses Tk 1.4 lakh per bhori



The price of gold in Bangladesh is set to break all previous records as it will cross Tk 1.4 lakh per bhori (11.66 grams) tomorrow, according to a statement by the Bangladesh Jewellers Association (Bajus).

Bajus said it asked its members to follow the new rate from Sunday due to the increased price of pure gold in the domestic market.

As per the decision, the price for each bhori of gold will rise by about 2 percent from the previous rate of roughly Tk 1.38 lakh fixed on September 28.

The price of gold in Bangladesh has been rising steadily for more than a year, crossing the Tk 1 lakh per bhori mark for the first time in July 2023.​

Gold prices hit new record



Gold price will be Tk 1,41,950 a bhori, the highest in the history of Bangladesh, with effect from tomorrow.

The previous price of each bhori or 11.664 grammes of 22-carat gold ornaments was Tk 1,40,061.

The standing committee on pricing and price monitoring of the Bangladesh Jewellers' Association (Bajus) today in a meeting took the decision of raising the price citing an increase in pure gold prices in the local market.

The price of gold in Bangladesh has been rising steadily for more than a year.

In July last year, the price of gold crossed the Tk 100,000-mark for the first time in Bangladesh.

Gold prices have been rising for more than a year, influenced by hikes in the international market and volatility in its supply in the domestic market.

Although Bangladesh does not import any significant quantity of gold, its prices are almost linked with international trends.

In Bangladesh, the annual demand for gold stands in between 20 and 40 tonnes.

About 80 percent of the demand is met through smuggled gold.​

Jewellers cut gold prices by Tk 3,452 a bhori
From tomorrow, each bhori of 22-carat gold will cost Tk 138,708



The jewellers have cut gold prices by Tk 3,452 a bhori for the domestic market thanks to a drop in the rates of pure gold in the local market.

From Friday, the price of each bhori or 11.664 grams of 22-carat gold ornaments will be Tk 138,708, down from Tk 142,160 earlier.

The standing committee on pricing and price monitoring of Bangladesh Jewellers Association took the decision at a meeting in Dhaka today, the association said in a statement.

The country witnessed the price of gold to rise above Tk 1 lakh per bhori for the first time on July 20 last year.​

Bangladesh’s gold market sees volatility with prices changing 62 times
UNB
Published :
Dec 30, 2024 21:20
Updated :
Dec 30, 2024 21:20



Bangladesh’s gold market has witnessed serious volatility in 2024, with gold prices fluctuating 62 times throughout the year.

Of these fluctuations, the price has increased 35 times and decreased 27 times.

The first price of gold this year was fixed on January 18, with the price of a bhori of 22-carat gold set at Tk 1,12,441.

As of December 30, the price of a bhori of 22-carat gold was fixed at Tk 1,38,288. This marks an increase of Tk 25,847 from the price at the start of the year.

The Bangladesh Jewelers’ Association (Bajus) is responsible for determining the gold prices in the country.

According to the decision made in a meeting of the Bajus Standing Committee on Pricing and Price Monitoring, the price of the highest quality gold – 22-carat gold – was reduced by Tk 1,050 to Tk 1,38,288 on December 30.

Besides, the price of 21-carat gold was reduced by Tk 1,004, bringing the price per bhori to Tk 1,32,014.

The price of 18-carat gold was lowered by Tk 863, now priced at Tk 1,13,141 per bhori.

Traditional gold had also seen a reduction of Tk 735, with a new price of Tk 92,869 per bhori. These are the current prices at which gold is being sold in the country’s market.

According to Bajus, the highest price for a 22-carat gold bhori this year was Tk 1,43,526.

Gold was sold at this price from October 31 to November 3. On the other hand, the lowest price for a 22-carat gold bhori in 2024 was Tk 1,10,691, which was the price from January 19 to March 6.​

Gold emerges as an attractive investment tool as prices jump

Investing in gold has become more profitable than savings certificates and various bank deposits as the price of the precious metal gained 24.53 percent year-on-year to Tk 138,288 per bhori in 2024. Photo: Anisur Rahman

Throughout 2024, gold seemingly became synonymous with price hikes amid economic turbulence, a weakening taka and plummeting interest rates on savings tools, making the precious metal a safe bet for middle and upper-middle-income people, according to jewellers.

They said many higher middle-class and middle-income earners in 2024 rushed to buy gold coins and small bars, while retail sales of gold ornaments dipped as much as 50 percent year-on-year.

Last year, gold prices were adjusted 62 times, with upward adjustments surpassing downward adjustments by 35 times, according to Bangladesh Jeweller's Association (Bajus) data.

The yellow metal gained 24.53 percent year-on-year to Tk 138,288 per bhori (one bhori is equal to 11.664 grams) in 2024, according to the association.

"Investing in gold has become more profitable than savings certificates and various bank deposits," said Masudur Rahman, vice-president of Bajus.

He said many people are now investing in gold for a good short-term return. "Specially the middle-class and upper middle-class people are now investing more in gold."

"Although the local gold market had been quite volatile over the last two to three years, it caused no concern for gold investors," Rahman told The Daily Star.

At times of economic uncertainty, brutal price pressures, economic slowdown or repression, people historically tend to hold on to gold as the metal offers gains somewhat immune to these bumps.

Besides, gold offers a high level of liquidity, which means people can easily turn their holdings into cash.

Since March 2023, the country has been facing stubbornly high inflation, hovering above 9 percent.

For savings, the price pressures mean that if the returns are below or equal to inflation rates, savers will be adversely affected.

With inflation hitting 11.38 percent in November 2024, currently available national savings certificates offer almost similar gains ranging from 11.76 percent to 11.52 percent.

In contrast, according to jeweller platform leader Rahman, if someone buys a gold ornament, coin or bar worth Tk 2 lakh and sells it within two or three weeks, they will pocket a handsome profit of around Tk 10,000 per bhori.

"And if they sell it after a year, the profit will be even higher because the market is consistently showing an uptrend," he added.

In June 2022, the price of per bhori gold in the local market was Tk 77,216, which has increased to Tk 138,288 now, down from the highest price of Tk 143,000 recorded in October last year, Bajus data show.

RETAIL SALES DOWN BY 50%

Amid the price volatility, local jewellers said their sales last year declined by about 40 to 50 percent compared to the previous year.

They said current domestic price fluctuations are due mostly to surges in gold prices in the international market and the local currency Taka losing ground against the US dollar.

Reponul Hasan, owner of the Jewellery House in old Dhaka, said that if the prices of any product fluctuate frequently, it will certainly confuse buyers and affect sales.

Due to the price fluctuations of gold, eventually reaching record highs, he said that his year-on-year sales have declined by 30-35 percent.

Jewellers' leader Rahman, also chairman of the Bajus standing committee on pricing and price monitoring, said that local prices are set in coordination with the international market and retail sales dropped 40 to 50 percent last year due to the price fluctuations.

If the demand of a product is high and it is not available in the market as per demand, the prices will naturally go up, he added.

In the global market, gold prices marked 2024 as a record-breaking year as robust central bank buying, geopolitical uncertainties and monetary policy easing fueled the safe-haven metal's strongest annual performance since 2010, according to reports.

According to government estimation, the country needs 20 to 40 tonnes of gold per year.

The commerce ministry says almost 80 percent of the demand is met through smuggling and the rest by recycled gold.

Industry insiders said that the high taxes on imported gold were the main reason companies felt more comfortable sourcing gold from unauthorised channels.

Bajus said that gold worth roughly Tk 73,000 crore is smuggled in every year.​

NBR plans to install nearly 20,000 EFDs in jewellery shops

In the first phase, electronic fiscal devices will be installed across jewellery shops in the Dhaka and Chattogram divisions. Photo: Star

The National Board of Revenue (NBR) plans to install nearly 20,000 electronic fiscal devices (EFDs) in jewellery shops across the country to boost revenue collection from the sector.

As part of this nationwide initiative, the tax administration has initially selected 17 districts, including Narayanganj, Narsingdi, Munshiganj, Manikganj, Savar, Gazipur, Mymensingh, Netrokona, Kishoreganj, Sherpur, Tangail, Jamalpur, Chattogram, Cox's Bazar, Bandarban, Khagrachhari, and Rangamati.

According to NBR sources, the administration issued a letter to the leaders of the Bangladesh Jewellers Association (Bajus) and held a meeting with them to facilitate the process.

The NBR is scheduled to hold a virtual meeting with stakeholders on Thursday to raise awareness about the initiative.

Genex Infosys PLC Ltd has been assigned to install the EFDs, as stated in an official letter issued by the NBR.

This initiative comes at a time when the revenue board is struggling to meet its collection targets and has recorded a year-on-year decline in revenue.

During the first five months of the current fiscal year, the tax administration collected Tk 130,185 crore, marking a 2.62 percent decrease compared to the same period last year.

Additionally, on January 9, the NBR raised value-added tax (VAT) and supplementary duty (SD) on nearly 100 goods and services, despite concerns that the move could exacerbate inflation and slow economic activity.

The VAT and SD hike aligns with recommendations from the International Monetary Fund (IMF), which approved a $4.7 billion loan for Bangladesh in January last year.

The IMF advised that the government rationalise tax exemptions, improve compliance with tax laws, and implement reforms to strengthen domestic revenue collection in the country, which has one of the lowest tax-to-GDP ratios in the world.

The NBR's letter also requested a list of jewellery establishments located in various markets and areas under the jurisdiction of the Dhaka Commissionerate.

"If it is not possible to provide the complete list at once, it is requested to submit it in phases," the letter added.

Masudur Rahman, spokesperson for Bajus, told The Daily Star that in the first phase, EFDs will be installed across all jewellery shops in the Dhaka and Chattogram divisions.

The installation will continue in phases across the remaining divisions, he added.

Currently, the number of registered VAT payers in Bangladesh is just over 500,000, as a significant number of eligible businesses remain outside the system.

According to Bajus, many jewellery shops in the country do not have VAT registration. The government's revenue will increase if EFDs are set up across all establishments, as such shops would be required to register.

According to government estimates, the demand for gold in the country stands at roughly 20 to 40 tonnes per year.

The commerce ministry says almost 80 percent of the demand is met through smuggling. Bajus added that gold worth around Tk 73,000 crore is smuggled into the country each year.​

80% of jewellers remain outside VAT net

Around 32,000 jewellery shops in the country are operating without value-added tax (VAT) registration, apparently evading the indirect tax paid by their consumers, according to the National Board of Revenue (NBR).

The revenue administration said that only 8,000 gold ornament shops out of a total of 40,000 stores are under the VAT net, and it collected roughly Tk 100 crore in the last fiscal year.

The issue has come into the spotlight as the revenue board moves to install Electronic Fiscal Devices (EFDs), or sales data controllers, to monitor sales at retail and wholesale stores across the country.

According to the NBR, installing the devices would help curb VAT evasion and increase domestic revenue collection, which is one of the lowest in the world in terms of gross domestic product (GDP).

Over the past 15 years, the government has been trying to bring retailers under the VAT net to boost overall tax collection by introducing electronic sales registers. Yet, compliance remains largely absent.

As part of its efforts to improve compliance, the NBR recently met with the Bangladesh Jewellers' Association (Bajus) to bring its 23,000 members under the EFD system. So far, it has managed to install only 1,000 EFDs in jewellery shops.

As such, the revenue board has requested Bajus to write to all jewellery associations and sellers, urging them to obtain VAT registration and install EFDs.

Badal Chandra Roy, general secretary of Bajus, told The Daily Star that they want to bring all such businesses under the tax net to create a level playing field so that everyone complies.

"Since 2021, we have made repeated efforts to bring other jewellery businesses under VAT and tax regulations, urging the revenue board to ensure compliance," Roy said.

He also said that VAT-compliant businesses are struggling to survive because of non-compliant ones, which can offer gold items at lower prices by bypassing VAT.

According to government estimates, the demand for gold in Bangladesh is roughly 20-40 tonnes per year.

The commerce ministry says that almost 80 percent of this demand is met through smuggling.

Meanwhile, Bajus estimates that gold worth around Tk 73,000 crore is smuggled into the country each year.

At present, jewellery stores need to pay 5 percent VAT on sales, and a huge chunk of VAT could be collected once all shops are brought under the tax net. This would subsequently increase the government's overall revenue collection from domestic sources.

Given this situation, EFDs will be installed in all jewellery shops in the Dhaka and Chattogram divisions in the first phase, said an NBR official.

Md Abdur Rouf, a member of the VAT policy division at the NBR, said, "This is a long-standing issue. It is not just jewellers—many other sectors also remain outside the VAT net."

"Now, we have taken the initiative to go sector by sector. We have started with jewellers. Bajus has said that it would cooperate with the NBR," he told The Daily Star.

Khondaker Golam Moazzem, research director at the Centre for Policy Dialogue (CPD), told The Daily Star that bringing businesses without VAT registration under the tax system is a "straightforward task."

However, the NBR has yet to complete this, which reflects a weakness in the government's revenue collection efforts, he said.

Given the typical transaction volume in Bangladesh, collecting only Tk 100 crore in VAT annually from the jewellery sector seems unrealistic, he said, adding, "The actual figure should have been much higher."

It should also be investigated whether those responsible for collecting VAT from these stores are receiving any benefits from them, he commented.

Moazzem further said that structural issues are preventing proper collection from many establishments, even though there is huge potential for revenue collection in remote areas.

To address this, he said, NBR officials should increase their physical presence in the field.

Besides, prompt measures should be taken to collect revenue from these establishments through digital means, added the CPD research director.

Currently, the number of registered VAT payers in Bangladesh is just over 5 lakh, as a large number of eligible businesses remain outside the VAT net.​

Gold prices set to hit Tk 150,000 for the first time
From tomorrow, a bhori of 22-carat gold will cost Tk 149,812


Photo: Reuters/file

Gold prices are set to hit roughly Tk 150,000 per bhori for the first time, making the metal more expensive for buyers.

Today, the Bangladesh Jewellers' Association (Bajus) decided to hike the price of gold to Tk 12,844 per gramme from tomorrow, up by 1.34 percent from nearly a week ago's Tk 12,673, due to the increase in the price of pure gold in the domestic market.

Based on the new rate, a customer will have to pay Tk 149,812 per bhori or 11.664 grammes, with effect from tomorrow, said a press release from Bajus.

The previous price of each bhori of 22-carat gold was Tk 147,806.

The price of gold, for which Bangladesh is highly dependent on foreign sources, has been rising steadily for more than a year, influenced by hikes in the international market and volatility in domestic supply.

In July 2023, the price of gold crossed the Tk 100,000 mark for the first time in Bangladesh.

The country requires between 20 and 40 tonnes of the metal, and about 80 percent of the demand is met through smuggling.​

Gold prices hit an all-time high in Bangladesh
FE Online Desk
Published :
Feb 17, 2025 20:42
Updated :
Feb 17, 2025 20:42



Gold prices in the country have increased once again, setting a new record.

The price of each bhori of 22-carat (11.664 grams) gold has been increased by Tk 1,470, bringing the cost of the precious yellow metal to Tk 151,282.

This marks the highest gold price ever recorded in Bangladesh.

The new rates will come into effect on Tuesday.

The Bangladesh Jewellers' Association (BAJUS) announced the price hike in a press release on Monday, attributing the increase to the rising cost of pure gold in the local market.​

What it takes to run an online handmade jewellery business as a young entrepreneur

Photos: Orchid Chakma

Contrary to what many may presume, running an online handmade jewellery business requires consistent effort and commitment. In Bangladesh, the online jewellery scene is thriving with the growing popularity of social media platforms like Facebook and Instagram, where handmade jewellery is being sold and promoted. And behind every well-crafted jewellery page is a story that incorporates courage to begin, a painstaking creative process, survival in a competitive market, and a desire to leave a footprint in the field of online business.

A natural question that propels the curious mind is how the artisans behind these wonderful creations found the inspiration to start their journey. Syeda Tithila Manjur, owner of Layes Fita, says that the initial idea behind the business stemmed from her childhood game of decorating her dolls. She states, "Back in my childhood, I used to make dolls' jewellery from beads, and that is where I got my first inspiration to make handmade jewellery. Since then, I have wanted to work in this field."

Similar to Tithila, Afrin Parvez, owner of the page Little Creations by Afrin, has harboured an interest in this work since her early days, but she could only translate her interest into reality during the COVID-19 lockdown.

It is important to emphasise that for both individuals, starting their journey was not a sudden decision. Rather, it was the realisation of a long-nurtured dream, characterised by passion and a genuine love for the craft, that manifested into reality only when it felt right.

When asked about what made them open their business in a virtual space instead of a physical one, different entrepreneurs had different reasons. For Tithila it was pure coincidence. She shares, "Once I just uploaded some pictures of my work to share with my friends. Surprisingly, I got some orders from those works, and thus I started my journey."

In contrast to Tithila, Afrin felt it was the manageability of the online platforms that made her start her business online instead of in a physical store. She states, "An online page is easy to manage from any place." One thing to observe is that, unlike a physical business, an online business requires comparatively less investment. The flexibility, in terms of time commitment, of the online medium is also note-worthy. These aspects have made the online platform an attractive opportunity for many hesitant entrepreneurs who might have a different primary commitment but want to manage a successful business.

With more and more handmade jewellery shops cropping up on our feeds every day, securing quality materials can make or break an online handmade jewellery business, especially when designs are unique and intricate. Sadia shares, "Sourcing from the right places was quite challenging. Sometimes we source raw materials from abroad through importers and some materials are sourced domestically. Mirpur 1, for example, is a good place for buying wholesale. Using my own design and aesthetic, I transform these materials into jewellery in my unique style."

Mownita Ahmed, owner of the online page Mownita's, relies on accessible resources, choosing art and craft stores for sourcing. This reflects the determination of small-scale entrepreneurs who must maximize what is available to them. Local stores are a simple solution for sourcing raw materials, especially for those who don't have access to large suppliers.

Mownita's journey also highlights the hurdles that come with starting a business with limited resources. "Having little to no money to invest in a business as a student and also having no basic knowledge of art was the real problem for me. I used my pocket money, which was only BDT 10 to 20 at that time, as an investment, bought some raw materials, and instantly started my business with only one hand-painted designer jewellery piece," she shares. For new entrepreneurs like her, starting with minimal capital and learning on the go is often the only option. However, this entrepreneurial spirit of making do with what's available can serve as an inspiration for others who have limited capital and experience but a strong desire to create.

Marketing is an added hurdle that small online businesses face. "Facebook was actually my first platform for marketing. Now, I also work with several local initiative-based organisations for marketing," explains Sadia.

Mownita takes a different approach and relies on customer trust and loyalty. She says, "I think trust can be the biggest marketing strategy nowadays. Every one of my loyal clients market my products." This organic form of marketing shows the importance of small-scale online businesses building genuine relationships with customers, especially in an industry where word-of-mouth can influence sales.

Every creative job is draining due to the pressure of maintaining novelty. Upon being asked how she deals with this challenge, Afrin says she frequently explores different media of art, which allows her to gain new insight. She says, "Working with different media and changing media help me diversify my designs."

Speaking on how to overcome creative challenges and keep moving forward as a new business owner, Mownita shares, "Art needs persistence, not perfection. Use your imagination and authentically express yourself. The right client will love you for your work. It will be difficult in the beginning, but stay resourceful, and eventually, you will have a fulfilling and successful business."​

Gold price increases by Tk 2,613 per bhori in Bangladesh
UNB
Published :
Mar 16, 2025 20:32
Updated :
Mar 16, 2025 20:36



The price of gold in Bangladesh has surged once again, with an increase of Tk 2,613 per bhori.

The Bangladesh Jewellers Association (Bajus) has set the new price for 22-carat gold at Tk 153,475 per bhori with effect from Monday.

In a statement issued on Sunday, Bajus cited the rising price of pure gold in the local market as the reason for the adjustment.

The revised pricing structure will take effect immediately, reflecting the fluctuating global market trends.

According to the notification, the sale price of gold must include a mandatory 5 per cent VAT set by the government, along with a minimum 6 per cent labour charge determined by BAJUS. But the final price may vary depending on the design and quality of the jewellery.

Earlier, on March 8, Bajus had adjusted gold prices downward, reducing the rate by Tk 1,038 per bhori. At that time, the price of 22-carat gold was fixed at Tk 150,862 per bhori.

With this latest revision, the price of gold has been adjusted 14 times so far this year.

Of these adjustments, prices have been increased 10 times, while they have been reduced four times.

Despite the gold price hike, the price of silver in the local market remains unchanged. Currently, 22-carat silver is being sold at Tk 2,578 per bhori in Bangladesh.

The frequent fluctuations in gold prices highlight the volatility of the precious metals market, with local rates closely mirroring international trends.

Industry insiders suggest that further adjustments may be necessary depending on global economic conditions and demand-supply dynamics.​

https://thefinancialexpress.com.bd/trade/gold-price-exceeds-global-market-prediction

Bangladesh’s gold price exceeds global market prediction
Published :
Apr 20, 2025 15:28
Updated :
Apr 20, 2025 15:28
​

​

On Sunday, high-quality 22-carat gold was being sold at Tk 167,833 per bhori (11.664 grams), marking the highest price ever recorded in the country, UNB reports.

This follows the most recent price revision, which came into effect today.

Meanwhile, Goldman Sachs has forecast that the global price of gold could reach USD 3,700 per ounce by the end of 2025. One ounce equals 31.1035 grams.

The Bangladesh Jewellers' Association (Bajus) has fixed the 22-carat gold price at Tk 14,389 per gram. Accordingly, the local price of one ounce of gold stands at Tk 447,548.

But, the current spot price for gold in the United States is approximately USD 3,328.30 per ounce, equivalent to around Tk 402,724.

This means gold in Bangladesh is being sold at Tk 44,824 higher than the international market rate.

Bajus had earlier raised the price of gold by Tk 3,033 per bhori last Wednesday.

On Saturday, the association announced a further increase of Tk 2,624 per bhori, effective from Sunday.

As per the new pricing, from Sunday, hallmarked 22-carat gold is being sold at Tk 167,833 per bhori, 21-carat at Tk 160,205 per bhori, and 18-carat at Tk 137,309 per bhori. Besides, the price of traditional method gold has risen to Tk 113,491 per bhori.

Up until Saturday, the prices stood at Tk 165,209 per bhori for 22-carat hallmarked gold, Tk 157,697 for 21-carat, Tk 135,174 for 18-carat, and Tk 111,660 per bhori for traditional gold.

In a press release, Bajus stated that the selling prices of gold and silver must include a 5 percent VAT as mandated by the government, along with a 6 percent minimum wage set by the association.

The wage component may vary based on the jewellery’s design and craftsmanship.​

Gold price rises by Tk 5,342 per bhori, hits record high
FE ONLINE DESK
Published :
Apr 22, 2025 20:44
Updated :
Apr 22, 2025 20:48



Gold prices have been revised upwards again in the country, with the rate of 22-carat gold rising by Tk 5,342 to Tk 177,888 per bhori (11.664 grams).

The new price will take effect from Wednesday, the BAJUS said in a statement. The

Earlier on Sunday, BAJUS had set the price of 22-carat gold at Tk 172,545 per bhori, effective from Tuesday.​

Gold price slashed by Tk 3,570 per bhori
FE Online Desk
Published :
May 03, 2025 20:28
Updated :
May 03, 2025 20:32



The prices of gold have been revised downward in the country due to a fall in pure gold prices in the local market.

Bangladesh Jewellers’ Association (Bajus) on Saturday reduced the price of 22-carat gold by Tk 3,570, fixing the price of the high-quality gold per bhori (11.664 grammes) at Tk 168,976.

The new rate would come into effect from Sunday, BAJUS said in a statement.

According to the latest tariff, 21-carat gold will be sold at Tk 161,301 per bhori, 18-carat at Tk 138,253 per bhori and traditional gold at Tk 114,296 per bhori.​

Bajus increases gold price by Tk 2,310 per bhori
UNB
Published :
May 05, 2025 21:21
Updated :
May 05, 2025 21:21



The Bangladesh Jewellers Association (Bajus) increased the price of gold again, with the price of pure gold up by Tk 2,310 per bhori, effective from Tuesday.

Earlier, Bajus had fixed the 22-carat gold price per bhori at Tk 1,68,976 on Saturday, effective from Sunday.

Masudur Rahman, Chairman of Bajus's Price Determination and Price Monitoring Standing Committee, on Monday (May 5), in a notification, informed this.

Accordingly, on Monday, the price of 22-carat gold rose by Tk 2,310 per bhori, setting the new rate at Tk 171,286 per bhori.

In a press release, Bajus stated that the price adjustment was made due to an increase in the value of pure gold hallmarked gold in the local market. Considering the overall situation, the association has determined the new gold prices.

According to the new rates, the price of gold per bhori (11.664 grams) in the Bangladesh market will be:

22 Carat: Tk 171,286 per bhori
21 Carat: Tk 163,494 per bhori
18 Carat: Tk 140,143 per bhori
Traditional Method: Tk 115,905 per bhori

Bajus also informed that the government-mandated 5 percent VAT and the minimum making charge of 6 percent must be added to the price of gold. The making charges may vary depending on the design and quality of the jewelry.

Previously, BAJUS had last adjusted the gold prices on May 3, reducing the price of 22-carat gold by Tk 3,570 to Tk 168,976 per bhori. The prices for 21-carat gold were set at Tk 161,301 per bhori, 18-carat gold at Tk 138,253 per bhori, and gold of the traditional method at Tk 114,296 per bhori, effective from May 4.

This marks the 28th adjustment of gold prices in the country this year, with prices increasing 20 times and decreasing only 8 times. In 2024, gold prices were adjusted a total of 62 times, with 35 increases and 27 decreases.

Despite the increase in gold prices, the price of silver remains unchanged in the domestic market. The selling price of 22-carat silver is Tk 2,811 per bhori. The prices for 21-carat silver are Tk 2,683 per bhori, 18-carat silver at Tk 2,298 per bhori, and silver of the traditional method at Tk 1,726 per bhori.​

Gold price reduced by Tk3137 per bhori, effective from Tuesday
UNB
Published :
May 12, 2025 22:50
Updated :
May 12, 2025 22:50



Bangladesh Jewelers Association (Bajus) has reduced the price of gold by Tk 3137 per bhori from Tuesday.

According to the new price, the price of a bhori of the good quality 22-carat gold will be Tk 167,623, which was sold at Tk1,70,761 per bhori on Monday.

The Bajus notification stated that the price of pure gold (acid gold) has decreased in the local market. As a result, the new price of gold has been determined considering the overall situation.

According to the new prices, the price of the best quality or 22-carat gold per bhori (11.664 grams) has been fixed at Tk 1,67,623, 21-carat gold per bhori at Tk1,59,995, 18-carat gold per bhori at Tk1,37,145 and the price of traditional gold per bhori at Tk1,13,339.

The previous price was for the best quality or 22-carat gold per bhori at Tk 170,761, 21-carat gold per bhori at Tk1,63004, 18-carat gold per bhori at Tk1 39711 and the price of traditional gold per bhori at Tk115532.

Although the price of gold has increased, the price of silver has remained unchanged.​

Gold price to go down by Tk 3452 per bhori from Friday
UNB
Published :
May 15, 2025 22:51
Updated :
May 15, 2025 22:51



Bangladesh Jewelers Association (Bajus) has decreased the price of gold by Tk 3452 per bhori effective from Friday.

The Bajus has fixed the price of a bhori of 22-carat gold at Tk165,734 per bhori, which was sold at Tk 169,186 per bhori on Thursday.

The Bajus notification stated that the price of pure gold (acid gold) has decreased in the local market. As a result, the new price of gold has been determined considering the overall situation.

According to the new prices, the price of 22-carat gold per bhori (11.664 grams) has been fixed at Tk 1,65,734, 21-carat gold per bhori at Tk 1,58,199, 18-carat gold per bhori at Tk1,35, 606 and the price of traditional gold per bhori at Tk 1,12,033.

On Thursda,y the price of gold was 22-carat per bhori (11.664 grams) at Tk 169,186, 21-carat per bhori at Tk1,61,499, 18-carat per bhori at Tk1,38, 428 and the price of traditional gold per bhori at Tk 1,14,435.

Although the price of gold has increased, the price of silver has remained unchanged.​

Gold price increases, Tk 167,098 per bhori

FE ONLINE DESK
Published :
May 17, 2025 23:29
Updated :
May 17, 2025 23:29



The price of gold in Bangladesh has been increased. The rate for 22-carat gold—the highest quality—has gone up by Tk 1,364 per bhori (11.664 grams), setting the new price at Tk 167,098 per bhori.

This hike follows a rise in the price of raw (tejabi) gold in the local market. The new prices will take effect from Sunday, May 18, according to the Bangladesh Jewellers Association (BAJUS).

The pricing decision was made on Saturday, May 17, during a meeting of the BAJUS Standing Committee on Pricing and Price Monitoring, and announced in a statement signed by Committee Chairman Masudur Rahman, says local media.

Notably, gold prices have fluctuated nine times within the first 18 days of May—either increasing or decreasing.

New gold prices per bhori (effective May 18):

22-carat: Tk 167,098 (up Tk 1,364)

21-carat: Tk 159,505 (up Tk 1,306)

18-carat: Tk 136,714 (up Tk 1,108)

Traditional method: Tk 112,978 (up Tk 946)

Previously, on May 16, the price of 22-carat gold had been decreased by Tk 3,450 to Tk 165,734.

Silver prices remain unchanged:

22-carat: Tk 2,811

21-carat: Tk 2,683

18-carat: Tk 2,298

Traditional method: Tk 1,726​

Gold price increases by Tk 2,823 per bhori
FE Online Desk
Published :
May 21, 2025 22:41
Updated :
May 21, 2025 22:41



The price of gold in Bangladesh has surged once again.

The price of the best quality gold, 22-carat, has risen by Tk 2,823 per bhori (11.664 grams), bringing the new price to Tk 169,921.

The Bangladesh Jewellers Association (BAJUS) has attributed the latest hike to a rise in the price of refined gold in the local market.

The new price will come into effect on Thursday, BAJUS said.​

Gold price increases by Tk 172,336 per bhori

FE Online Desk
Published :
Jun 05, 2025 23:21
Updated :
Jun 05, 2025 23:51



The price of gold has gone up just a day before Eid. The best quality (22-carat) gold now costs Tk 172,336 per bhori, up to Tk 2,415 per bhori (11.664 grams).

The cause for this price increase is the rise in refined (Tejabi) gold prices on the local market. The new price will take effect on June 6, according to the Bangladesh Jewellers' Association (BAJUS).
FE

The BAJUS Standing Committee on Pricing and Price Monitoring resolved to increase the price of gold at a meeting on June 5. The chairman of the committee, Masudur Rahman, later signed a press statement announcing the information.

Gold prices had already been raised in two stages on May 18 and May 22. This recent price change has been attributed by BAJUS once more to the local market's growing price of refined gold.​

Restrictions on jewellery imports raise fears of further gold price hikes

Shuvonkar Karmokar Dhaka
Published: 10 Jun 2025, 13: 23



Gold prices are rising steadily due to ongoing global instability, putting increasing pressure on middle- and lower-income buyers, especially those looking to purchase jewellery for family events such as weddings.

The jewellery business itself is also facing deeper challenges. Despite the era of free trade, consumers in Bangladesh are forced to buy gold jewellery at significantly higher prices than in many international markets.

As of now, the price of 22-carat gold in the domestic market stands at Tk 172,336 per bhori. At the end of 2024, the price was Tk 140,586 , marking a Tk 31,750 increase in just six months.

So, how much higher are gold prices in Bangladesh compared to Dubai and India? According to the Dubai Jewellery Group’s website, the price of a 22-carat gold bar was 4,318 dirhams on Monday, equivalent to Tk 143,677 in Bangladeshi currency.

Meanwhile, the website of the Bullion and Jewellers Association of India reported that the price per bar in Indian jewellery shops was INR 108,965 yesterday, equivalent to Tk 155,432.

This means a 22-carat gold bar is Tk 28,659 cheaper in Dubai than in Bangladesh, and Tk 16,904 cheaper in India.

When asked about the significant price gap between Bangladesh and international markets, leaders of the Jewellers Association offered only brief explanations. They pointed out that while many other countries have a ‘commodity exchange’ system for trading gold, no such mechanism exists in Bangladesh.

Moreover, commercial import of gold is virtually non-existent. A large portion of the country’s demand is met through gold brought in under baggage rules — with customs duties paid. Some of the demand is also met through recycled old jewellery.

However, there are widespread allegations that a substantial amount of gold is entering the country illegally.

The Ministry of Commerce introduced a gold policy in 2018 to bring transparency to the country’s gold business. The following year, Bangladesh Bank issued import licences to 18 institutions—including one bank—for commercial gold import. Later, one more institution received a licence.

Initially, a few consignments were imported by some of these institutions. However, over time, imports came to a halt. Traders reportedly lost interest in importing gold due to several factors: the ongoing dollar crisis, delays in obtaining government permission, and high VAT rates.

Against this backdrop, the government halved the allowance for bringing gold under baggage rules in the 2023–24 fiscal year, from 234 grams to 117 grams. The import duty was also doubled, rising from Tk 2,000 to Tk 4,000 per bhori.

In the proposed budget for the upcoming fiscal year, these restrictions have been tightened further. Previously, a returning passenger could bring in one gold bar weighing 117 grams per trip under baggage rules. That provision has now been revoked. Passengers will now be allowed to bring in a gold bar only once a year upon payment of duty.

In addition, the duty on gold bars has been raised from Tk 4,000 to Tk 5,000 per bhori (11.664 grams). That means bringing in a single gold bar will now cost Tk 50,000 in duty.

Restrictions have also been imposed on gold jewellery. Previously, a passenger could bring up to 100 grams of gold jewellery duty-free each time they returned from abroad. Under the new rules, only 100 grams can be brought in duty-free per year, regardless of the number of trips. This provision has already come into effect.

A senior leader of the Jewellers’ Association, speaking on condition of anonymity, said that since there is no legal commercial import of gold and no gold refining factory in Bangladesh, tightening baggage rules was unwise. “This will lead to a rise in illegal imports and cause further instability in gold prices,” the leader warned.

Ahead of the national budget for the next fiscal year, the Jewellers’ Association made several proposals. These included reducing VAT on gold and silver jewellery sales from 5 per cent to 2 per cent, exempting VAT when purchasing gold from licensed dealers, setting up a one-stop service centre at airports for gold importers, and offering a 10-year tax holiday for establishing gold refining factories.

In pre-budget discussions with the National Board of Revenue (NBR), the association also proposed tightening baggage rules, while simultaneously easing procedures for commercial import. Ultimately, the NBR adopted only the baggage restriction proposal.

Commenting on the issue, Anowar Hossain, an executive member of the Jewellers’ Association, told Prothom Alo, “Instead of simplifying gold imports, stricter baggage rules will worsen the crisis. Where will the gold come from? There is no import, and no refining facility. Under current conditions, illegal gold imports—i.e., smuggling—are likely to increase.”​

Gold prices go up again in Bangladesh within 10 days

Published :
Jun 14, 2025 22:54
Updated :
Jun 14, 2025 22:54



The Bangladesh Jewellers Association (BAJUS) has increased gold prices by Tk 2,192 per bhori, less than 10 days after the last hike just ahead of Eid.

According to a press release issued by BAJUS on Saturday night, the new prices will come into effect from Sunday, UNB reports.

As per the revised rates, the price of 22-carat gold has been set at Tk 174,528 per bhori (11.664 grams).

BAJUS said the price of pure gold in the local market has gone up, prompting the latest price adjustment after reviewing the overall situation.

Following the new pricing structure, the cost of 21-carat gold now stands at Tk 166,597 per bhori, while 18-carat gold will be sold at Tk 142,802 per bhori. Gold made using traditional methods will cost Tk 118,168 per bhori.

Buyers will also have to pay a mandatory 5 percent government-fixed VAT and a minimum 6 percent BAJUS-set making charge along with the selling price.

BAJUS said the making charge may vary depending on the design and quality of jewellery.

On June 5, BAJUS last revised gold prices, increasing them by Tk 2,415 per bhori, setting the rate of 22-carat gold at Tk 172,336 per bhori.​

Gold prices decrease slightly

FE ONLINE DESK
Published :
Jun 24, 2025 22:45
Updated :
Jun 24, 2025 22:45



Gold prices in Bangladesh have dropped slightly, with the price of top-quality 22-carat gold reduced by Tk 1,668 per bhori (11.664 grams), setting the new rate at Tk 172,860. The Bangladesh Jewellers Association (BAJUS) announced the new prices will take effect from Wednesday (25 June), following a fall in the price of acid-refined (tejadi) gold in the local market.

The decision was made at a meeting of the BAJUS Standing Committee on Pricing and Price Monitoring on Tuesday (24 June), and was confirmed in a notice signed by committee chairman Masudur Rahman.

This marks the first price cut after four consecutive increases in May and June.

Under the new rates, 21-carat gold now costs Tk 164,999 per bhori, 18-carat gold is priced at Tk 141,426, and traditional gold at Tk 117,002. Silver prices remain unchanged, with 22-carat silver priced at Tk 2,811 per bhori.​

Gold prices drop by Tk 4,292 within a week

UNB
Published :
Jun 28, 2025 22:57
Updated :
Jun 28, 2025 22:57



Gold prices have dropped once again in the local market, with the Bangladesh Jeweller's Association (BAJUS) reducing the price of 22-carat gold by Tk 2,624 per bhori, following a Tk 1,668 cut just four days earlier.

With the latest revision, the price of 22-carat gold now stands at Tk 170,236 per bhori (11.664 grams), effective from Sunday, BAJUS said in a statement issued on Saturday night.

As a result, the price of 22-carat gold has dropped by a total of Tk 4,292 per bhori in two phases within a week.

According to the statement, the price adjustment comes in light of a decline in the cost of pure gold (tejaabi gold) in the local market.

Under the new pricing, 21-carat gold will cost Tk 162,503 per bhori, 18-carat gold will sell for Tk 139,291, and traditional (sanatani) gold will be priced at Tk 115,170 per bhori.

In addition to the base price, consumers will have to pay a mandatory 5 per cent VAT as set by the government and a minimum 6 per cent making charge set by BAJUS.

But, the making charge may vary depending on the design and quality of the jewellery, the association noted.

BAJUS last revised gold prices on June 24, when it reduced the price of 22-carat gold by Tk 1,668 per bhori, setting it at Tk 172,860.

With this adjustment, gold prices in the country have been revised a total of 40 times so far this year — increased on 26 occasions and decreased only 14 times.​