Prime Minister’s Private Industry and Investment Adviser Salman F Rahman said that many problems of the jewelery industry will be solved if the country’s gold can be brought into the formal economy after finding out the correct information.
He said that much of the gold sector is in the informal economy or the black market. There, before these, the correct data should be extracted and the country’s gold should be brought to the What or formal economy. Then if you get good policy support, most of the problems of this sector will be solved.
He said these things at the seminar titled “Challenges and actions to be taken to finance the development of the jewelery industry” at International Convention City Bashundhara (ICCB) Navratri Hall on Friday (February 9).
Salman F. Rahman said, if you want policy support, two types of policies are needed. Because the policy will be different for domestic market and international market. So the traders of the jewelery sector have to decide for which market they want policy from the government. Otherwise, a kind of conflict will be created for these two markets.
Regarding exports, he said, although the gold market has a lot of potential, it is not yet ready to go towards exports. Domestic market should be well prepared first. The sector will be sustainable if it turns to exports after fixing the domestic market.
Salman F Rahman said Commerce Ministry, Bangladesh Bank and NBR can provide major support to this sector. Besides, the Ministry of Industry can also take forward.
Thanking the Bashundhara Group for providing gold refinery, this advisor to the Prime Minister said that when the government makes a policy in this sector, the issue of gold refinery will also be there. Then this refinery sector will also be strengthened in terms of policies. Also, when the government formulates a policy, it aims to ensure that no single institution gets all the benefits alone. For that, the people in this sector will coordinate among themselves so that everyone can conduct business on an equal footing.
The seminar was presided over by Sayem Sobhan Anvir, Managing Director (MD) of Bashundhara Group and President of Bangladesh Jewelers Association (BAJUS).
He said, after hearing the speech of Prime Minister’s Private Commercial Adviser Salman F. Rahman, we are hopeful that this sector will develop. We have talked to many people many times for the development of jewelery industry, but this time Salman F Rahman Chacha has given me hope that all kinds of policy reforms needed for the development of this sector like tax, VAT, whatever is needed will be done.
Stating that a separate policy will be made in the jewelery industry for the domestic market and the international market, Anveer said, “I completely agree with what Salman F Rahman has said about the separate policy for the domestic market and the international market. Because domestic market and international market are not same. These two require separate policies. We will consider this poison.
Bajus President also said, as our neighboring countries have progressed, we will also give proposals for the policy. So that we do not lag behind in any way. Since we have given the name of Sonar Bangladesh, if it is not well petronized, then this name will remain only a name and will not be of any use.
In the speech of the special guest, Jasim Uddin, chairman of Bengal Commercial Bank and former president of FBCCI, said that all the problems that were in the gold sector have been fixed for Sayem Sobhan Anveer. Earlier this organization was not so strong. Apart from this, if Salman F Rahman takes initiatives from the political side, then the jewelery industry will go a long way. Besides, an institution is needed to advance this sector.
Chittagong Stock Exchange (CSE) Chairman Asif Ibrahim said, We always talk about diversification of exports and imports in terms of trade. Here Bajus will have to combine all the data of Gold. Through which any policy making and planning will be very beneficial. Besides, we all will help Bajus to take any policy decision.
Nizam Chowdhury, chairman of Global Islami Bank, said that one solution is that the banks do not give loans to gold traders. Which is to make a list of all the gold in the country. Through which black market gold will be converted into white gold. Then all the public and private banks of the country will give loans to gold traders.
Banker Mohammad Nurul Amin said that gold has been recognized as collateral by Bangladesh Bank since 2012. Still gold comes from outside illegally. It is more like a hundi. If Bajus takes such an initiative or issues certificates for imports of gold, legal import of gold will increase. It remains to be seen whether gold can be given the same priority as mega projects.
Jagannath University Professor of Economics. Tabassum Zaman said, there is a lot of informational or data deficiency in the gold sector. Besides, Gold Bank will be a big aspect for our country’s economy. Because we can use this gold reserve if the reserve is tight. In which the neighboring country India is far ahead. Besides, in our country many issues are conflicting in terms of policy. Another thing is that since there are no gold mines in the country, more attention should be paid to imports. Then there will be many benefits for the future.
Former Chief Economist of Bangladesh Bank presented the main article in the seminar. Virupaksha Pal. At the time, he said, without the recognition of the gold and jewelery industry, it becomes very difficult to get a loan. In that case, this industry should be recognized as an industry first.
He said that it took more than 50 years to develop a state level policy on gold in the country. Neither gold nor the jewelery industry has been introduced state-wise in the way the garment sector has been introduced in our country. The developed countries of the world are constantly increasing their gold reserves. But compared to that, our country is far behind.
Regarding the generosity of the state in importing gold, this economist said that Switzerland imports and exports the most gold in the world. That is, the more imports, the more exports. Through this the sector can be further strengthened.
Dr. Virupaksha Pal said, besides, another model is to give concessions on customs duties. As a result, it will be possible to be ahead in a kind of competition with neighboring countries in terms of prizes. Small traders will get a lot of benefits if they give VAT or duty exemption to traders here. Later when this sector becomes stable, the duty can be increased if desired.
Badal Chandra Roy, general secretary of Bajus, said in the seminar that there are 40,000 traders in the jewelery industry, but there are not even 5,000 artisans in this sector. There is a shortage of skilled workers in this sector. Besides, small jewelery traders face problems in getting loans from banks. Therefore, government support to small entrepreneurs is necessary to advance this sector.
Bajus former president Dr. Dilip Kumar Roy said, when Bashundhara Group brings gold refinery, confidence in this sector will increase. If the industrial group comes forward in this sector then the jewelery industry can take place in the global market like the garment sector.
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