[🇧🇩] Jewelry Industry in Bangladesh

Source: https://thefinancialexpress.com.bd/trade/bajus-unhappy-over-imposition-of-higher-tax-vat-on-jewellery-in-proposed-budget

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.​

 

[Saif]

Gold price increases, Tk 167,098 per bhori

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 pr

thefinancialexpress.com.bd

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​

 

[Saif]

Gold price increases by Tk 2,823 per bhori

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

thefinancialexpress.com.bd

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.​

 

[Saif]

Gold price increases by Tk 172,336 per bhori

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,

thefinancialexpress.com.bd

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.​

 

[Saif]

Restrictions on jewellery imports raise fears of further gold price hikes

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

en.prothomalo.com

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.”​

 

[Saif]

Gold prices go up again in Bangladesh within 10 days

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 re

thefinancialexpress.com.bd

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.​