Jewellers for govt policy support, tax reform

Jewellers on Friday urged the government to provide proper policy support, and reform the tax structure for the sake of the jewellery sector's development. They also called upon the government to withdraw taxes on gold imports to help curb smuggling of the precious metal.

The businesses made the call at a seminar on the potential, challenges and demands of the jewellery sector at the International Convention City Bashundhara (ICCB) in Dhaka.

"Bangladesh is ahead of India in the garments industry globally. The country can overtake India in the jewellery sector as well if the government provides us proper policy support," Bangladesh Jeweller's Association (BAJUS) President Sayem Sobhan Anvir said.

Mentioning that the sector has a big potential for exports, he also urged the government to provide special land for the sector’s security and development.

"All smuggling will stop if jewellers are exempted from taxes and VAT. An amendment to the law is required here," he added.

Speaking at the event, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin said the BAJUS has 40,000 members, and around one lakh people are involved in the sector.

"So, it is a large sector, and we should focus on it because it has a big potential," he added.

Jashim also said the jewellery sector has a value addition of 30 per cent – 50 per cent, while the ready-made garment (RMG) sector has a maximum 8 per cent.

He said the jewellery sector should be called an industry. "Bangladesh needs $300 billion in exports by 2041. So, we need to flourish in all sectors."

As the chief guest, Industries Minister Nurul Majid Mahmud Humayun said the jewellery sector is like a cottage industry. "We have to reach the jewellery sector in the international market as it has a big potential. India is our competitor here. Considering it, we have to go ahead."

The minister also said his ministry will provide all necessary support in this regard.

"We can organise a meeting among finance and industries ministries along with BAJUS members to take the sector forward," he added.

The BAJUS has organised a three-day Bangladesh Jewellery Expo-2023 at the ICCB. It will wrap up on February 11.