Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof Shibli Rubaiyat-ul-Islam spoke about the need for facilities to jewellery business like Readymade Garments (RMG) in a bid to earn foreign currencies.
“Export opportunity of gold items is explicit. It will be a great mistake if we fail to exploit the market. The RMG has hit the international market. The jewellery has much potential and deserves export facilities,” he said.
He was addressing a seminar titled “Contribution of jewellery industry to the national economy, investment opportunity” on Saturday. The discussion was held at International Convention City Bashundhara (ICCB) in the capital on the sideline of the three-day BAJUS Fair 2023 which was inaugurated on Thursday.
Gold sector is unfortunately neglected in Bangladesh amid absence of research and due evaluation, he said, hailing Bangladesh Jeweller's Association (BAJUS) for organising seminar and expo to break the stalemate.
“The three-day expo has earned much attention of the people concerned. At one stage of business in the past, gold became popular for having good exchange value. The gold pulled strings behind circulation of money. The economic leaders like China and India are reserving gold realising its importance. Alas, we are yet to perceive importance of this precious metal,” he opined.
Mentioning the country’s GDP and per capita income, he said the upcoming life standard hike will coincide with growing demand for gold.
“I agree with the people talking about ample future of jewellery. If structured and well planned, the sector is sure to succeed.”
Dr Khondaker Golam Moazzem, Research Director of CPD, presented keynote paper in the seminar.
The jewellery owes its flourishing to the raw gold importing countries, not blessed with mines, he said.
Sharing statistics, he said the global transaction of gold is about 4,700 tons per annum and Asia accounts for six out of 10 market tycoons.
“To increase export requires import. The global transaction of gold is about 4,700 tons per annum and Asia accounts for six out of 10 market tycoons. It is obviously a great inspiration for us. However, we are in the dark about local market of the precious metal. The investors should delve into market size.”
Shah Mohammad Mahboob, Director General of Bangladesh Investment Development Authority (BIDA), said the country relies on a single sector (RMG) for 86 percent of export earnings.
It is not safe for the country to depend on a single sector requiring export to be decentralised, he opined.
“In case one sector collapses, another sector will support the economy. So, any new export item is welcomed. If BAJUS forwards any proposals, we will discuss the issues with the government accordingly.”
Dr Ahsan H Mansur, Executive Director of Policy Research Institute (PRI) of Bangladesh, said “Despite efficient goldsmiths, we have failed to tap the international market. The revenue department had a tendency to restrict gold affecting export. The authorities concerned should change mindset. The jewellery industry is an integral part of our history and heritage.”
Dr M Mahfuz Kabir, Research Director, International Studies Division (BIISS), said the use of gold ornaments should be made regular going beyond occasion-centric prevalence.
He advocated for modernising designs and reducing carat of gold to make attractive ornaments available at affordable prices to be used for various purposes.
The BAJUS needs a bold stand to have policy of granting SME loans changed to boost capital and expand design.
Former BAJUS President Dilip Kumar Roy said “Apart from the government, Bashundhara Group has come forward for promotion of the jewellery sector. Prime Minister Sheikh Hasina has taken various steps in this regard. Carrying 100 gram gold by inbound expatriates is exempted from tax. Our President (BAJUS President) Sayem Sobhan Anvir has chalked out detailed plan as to how raw gold will be imported, design to me made and so on.”
Bd-pratidin English/Lutful Hoque
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