Bangladesh Jeweller’s Association (BAJUS) on Thursday banned the manufacture and sale of traditional gold and silver ornaments.
According to the association’s new guideline, the utilisation of the cadmium method is restricted to producing and selling only 18, 21, 22, and 24 carat ornaments. Now, jewellery traders are only permitted to purchase traditional gold and silver ornaments from buyers, not for sale.
In regard to ornaments, the process of hall-marking is obligatory. This hallmark will carry detailed information about the gold’s quality used in the ornament, BAJUS said.
BAJUS, an organization of jewellery traders, issued a guideline titled “Jewelry Buying, Selling, and Marketing Guidelines-2023” on Thursday that encompasses a total of 34 instructions, covering various subjects, including government and exchange rules.
As per the guidelines, when replacing gold ornaments, jewellers will calculate the price of new ornaments by reducing 10 per cent from the present price.
However, when purchasing old ornaments from buyers, jewellers will remunerate the market price while subtracting 20 per cent from the current price. Additionally, a minimum of Tk300 per bhori is obligatory during the sale of gold ornaments, it added.
Any organization found in breach of this rule will be subject to a minimum fine of Tk2500 for the initial offence. Upon a second violation, the association will serve a notice to the concerned organization, seeking an explanation as to why their membership should not be revoked. If the response proves unsatisfactory, BAJUS will proceed with appropriate actions in accordance with its constitution, the guideline reads.
It is obligatory for all member shops/companies of the jewellers’ association to visibly display the BAJUS sticker and updated certificate at their sales points. Additionally, member institutions in Dhaka city are required to pay a fee of Tk 5000 for the sticker, certificate, and identity card.
Jewellery shops/companies at the district and upazila level will have to pay a fee of Tk 1500.
According to the guideline, Dhaka metropolitan jewellery shops/companies seeking membership of the association will be required to pay a fee of Tk10,000, while the shops/companies in other areas in the city will be charged Tk2,000 for the same purpose.
Rules for selling gold and silver ornaments
When buying old gold ornaments, jewellers are obliged to furnish a receipt to the seller, which must include the seller’s name, address, mobile number, and national identity card details. Additionally, jewellery shops/companies are required to retain a photocopy of the seller’s national identity card. It is strictly prohibited to purchase old ornaments from any representative other than the original owner.
Jewellers are obligated to retain a photocopy of the seller’s passport when acquiring gold and ornaments brought under Baggage Rule. Moreover, the original certificate of tax payment for gold and ornaments brought under the rule must be kept at the airport. It is essential for the purchaser to buy gold directly from the real owner.
