Jewellers want cut in ‘extra’ duty on gold business

Jewellers have urged the government to reduce the “extra duty” levied on gold businesses to help the industry flourish.

“The main challenge for the jewellery sector is smuggling, which is driven by high import duties on jewellery products. The sector can flourish with prudent policy support from the government,” said Dilip Kumar Roy, a former president of the Bangladesh Jewellers’ Association (BAJUS), while addressing the closing ceremony of the International Jewellery Machinery Expo Bangladesh (IJMEB) in Dhaka on Saturday.

Roy emphasised the need to integrate modern technology with traditional methods to tap into export potential.

BAJUS organised the three-day expo in association with Indian partner KNC Services at the International Convention City Bashundhara in the capital.

Bashundhara Group Chairman Ahmed Akbar Sobhan inaugurated the IJMEB exhibition while Federation of Bangladesh Chambers of Commerce and Industry President Mahbubul Alam was the chief guest at the opening ceremony.

The expo received a phenomenal response from the local jewellers’ community, with over 5,000 entrepreneurs visiting the showcasing of jewellery machinery. International participants expressed delight with the exhibition, the first of its kind in Dhaka.

BAJUS Vice-Presidents Gulzar Ahmed, Reponul Hasan, Masudur Rahman, and Shamit Ghosh (Apu) were also present at the closing ceremony.

Thirty companies from 10 countries, including India, Italy, Turkiye, the United Arab Emirates, Germany, China, and Thailand, participated in the first edition of the expo.