Bajus
Bajus hikes gold price for third time in February
Gold prices have reached a historic peak in Bangladesh, with the Bangladesh Jewellers Association (Bajus) raising the price of 22-carat gold by Tk 1,994 per bhori.
The new price now stands at Tk 149,812 per bhori, marking the highest cost ever recorded in the country’s history.
The new rates will come into effect on Tuesday (Feb 11), according to a press release issued on Monday.
This price adjustment applies to 22-carat gold, which now costs Tk 149,812 per bhori (11.664 grams).
Gold prices hit record high in Bangladesh
Besides, 21-carat gold is priced at Tk 143,001, while 18-carat gold will cost Tk 122,577.
The traditional gold variety has seen its price set at Tk 100,916 per bhori.
Bajus has also said that the final retail price of gold must include a mandatory 5% VAT, as imposed by the government, as well as a 6% minimum labour charge set by the association.
2 air passengers held with huge gold at Sylhet airport
However, the total labour charge may vary depending on the design and quality of the jewellery.
This marks the third price hike in just the first ten days of February, following a previous increase on February 1 and 5.
3 days ago
Could gold prices in Bangladesh reach Tk 2 lakh per bhori?
The soaring price of gold in the global market is having a direct impact on Bangladesh, with domestic gold prices reaching record highs.
As the surge continues, many are speculating whether the price per bhori will surpass Tk 2 lakh in the near future.
According to the latest figures from the global spot market, gold prices have reached an all-time high of $2,800 per ounce (2.43 bhori). In line with this trend, the price of 22-carat gold in Bangladesh now stands at Tk 144,890 per bhori, the highest in the country’s history.
A Sharp Rise Over the Years
Data from the Bangladesh Jewellers’ Association (Bajus) shows that the price of 22-carat gold was only Tk 6,900 per bhori that in 2000. By 2010, this figure had risen to Tk 42,165. A decade later, in 2020, the price climbed further to Tk 69,867 per bhori.
In the past 15 years, gold prices in Bangladesh have increased by Tk 137,000 per bhori. Notably, in the four years since the COVID-19 pandemic, prices have surged by Tk 75,000.
In July 2023, gold prices in the country surpassed Tk 1 lakh per bhori for the first time, and within 18 months, they have risen by nearly Tk 45,000.
Gold price jumps to Tk 1.56 lakh per bhori, effective from Thursday
Given the current rate of increase, analysts predict that by the end of 2026, gold prices could approach Tk 2 lakh per bhori.
Market Experts Weigh In
Veteran gold trader Govinda Haldar, who has been in the business for five decades at Dhaka’s Tanti Bazar, recalled that before Bangladesh’s independence, the price of a guinea gold coin was Tk 150.
While this may seem negligible today, it was considered expensive at the time. He believes that if the current trend persists, gold prices could reach Tk 2 lakh per bhori within a year.
However, Bajus Price Determination and Monitoring Committee Chairman Masudur Rahman cautions that it is difficult to predict whether prices will reach Tk 2 lakh by 2026.
“The way global demand is increasing and central banks are stockpiling gold, it wouldn’t be surprising if the price does hit Tk 2 lakh. However, it all depends on market dynamics,” he said.
In 2024 alone, Bangladesh adjusted gold prices 62 times, with 35 increases and 27 reductions. So far this year, four price adjustments have already been made, pushing the price of this precious metal to new heights.
Global Demand Driving Prices
A report by the World Gold Council highlights that since 1971, gold prices have increased by an average of 8% per year in dollar terms. This steady rise, combined with gold’s ease of conversion into currency, continues to drive demand.
Gold price up by Tk 1,155 per bhori
Global gold demand now stands at 3,034 tonnes annually, valued at $233 billion. While gold is primarily used for jewellery in South Asia, many countries view it as a key investment asset.
Approximately 40% of the world’s gold is held for investment, compared to 33% used for jewellery. Central banks hold 20% of the world’s gold reserves, and 7% is used in technology sectors, such as chip manufacturing.
1 week ago
Gold price up by Tk 1,155 per bhori
The Bangladesh Jewelers Association (BAJUS) has increased the price of gold in the local market, with the price of 22-carat gold rising by Tk 1,155 per bhori to Tk 1,39,443.
The new rates will come into effect on Thursday (January 16), according to a press release issued on Wednesday.
At the revised rates, 22-carat gold will cost Tk 1,39,443 per bhori (11.664 grams), while the price of 21-carat gold has been set at Tk 1,33,098 per bhori, 18-carat gold at Tk 1,14,086 per bhori and traditional gold at Tk 93,674 per bhori.
This adjustment follows a price reduction implemented on December 30 last year when BAJUS decreased the price of 22-carat gold by Tk 1,050 per bhori to Tk 1,38,288.
Bangladesh's gold market sees volatility with prices changing 62 times
BAJUS attributed the latest price hike to an increase in the price of pure gold in the local market. The association also noted that the government-imposed 5% VAT and a minimum wage set by BAJUS at 6% will be added to the selling price. However, the wage may vary based on the design and quality of the jewelry.
The price of pure gold has increased in the local market. As a result, the new price of gold has been determined considering the overall situation, it added.
4 weeks ago
Bajus suspends membership of Gold Kinen for irregularities
The Bangladesh Jewellers Association (Bajus) has suspended the membership of Gold Kinen Technologies following allegations of irregularities in the trading of gold.
In a press release issued on Thursday, Bajus said that Gold Kinen Technologies was granted provisional membership on December 26, 2022 after fulfilling all conditions required during the application process.
But the association decided to suspend the membership due to non-compliance with its regulations.
Read: BAJUS decides to lower gold price by Tk 1,773 per bhori
Bajus alleged that the company was involved in unauthorised practices, including selling gold bars and coins instead of jewellery, which is against the association's rules.
It mentioned that such activities violate Section 4(a) of the Bajus constitution.
1 month ago
First-ever int'l jewellery machinery expo begins Thursday
An international exhibition of jewellery machinery will begin in Dhaka on Thursday (July 04, 2024) to promote technology integration in traditional jewellery-making to turn the country's gold industry into an export-oriented one.
Bangladesh Jeweller's Association (BAJUS) in association with Indian partner KNC Services is organising the International Jewellery Machinery Expo Bangladesh (IJMEB), the first of its kind in the country, said a press release.
The expo will be open for three days from 11am to 7pm at International Convention City Bashundhara (ICCB) with the theme 'Technology for excellence in jewellery'.
Thirty companies from 10 countries, including India, Italy, Turkiye, the United Arab Emirates, Germany, China and Thailand, have confirmed their participation in the first edition of the expo.
About the international expo, BAJUS President Sayem Sobhan Anvir said Bangladesh will have to focus on the jewellery industry, which has been neglected over the years, to march with developed countries.
Read more: No more 24-carat gold under baggage rules
"Jewellers need policy support to fetch new investment to transform Bangladesh into a prosperous 'Sonar Bangla'. To add value to technological innovation, the private sector should come forward along with public entities,” he added.
BAJUS President expressed the hope that the IJMEB-2024 will enrich the Bangladeshi jewellery industry through sharing knowledge among the participating countries.
"The expo will introduce modern machinery among the sector people. We aim to bring back the golden days of Bangladeshi jewellery ornaments. To realise the dream, we have to up-skill our goldsmiths with the changing technology in the jewellery sector around the world," he said.
Sayem Sobhan Anvir said the jewellers have to march forward with technology to foster gold exports from Bangladesh.
"The jewellery sector will grow if there are new factories. Our main objective is to create a new horizon in the export market by boosting the gold industry of Bangladesh. The integration of machines is important to tap the export potential," he said.
Read more: BAJUS wants a 10-year tax holiday for gold refiners
Indian KNC Services founder and chief executive officer Kranti Nagvekar said her company supported Bangladesh in hosting such an international expo after Saudi Arabia, the UAE and India.
"When we roam around the world, we hear appraisal of ornaments made by Bangladeshi goldsmiths. When machines add value to the works of goldsmiths, Bangladesh will excel in global gold markets in style," she said.
Among the participating companies, Tishya CNC Engineering Works, Neo Instruments, Solanki Mechanic Works, Ira Corporation, Quantum Equipment, ACZET Solutions and Pacio Traders registered from India.
From Italy, two companies JTE and FASTI confirmed their participation. OTEC and GUVENIS from Turkiye while Chinese company DO IT Industries are representing their respective countries.
Five companies from Bangladesh Dreamz Instrument Technology, RAJAISWARI, Expert Instrument Technology, Trust Instrument Bangladesh and RAT's BD are participating in the expo.
Read more: Gold Buyer's Guide: Know the types, colors, karats of the precious metal
7 months ago
Gold price decreased by Tk1750 to Tk98,211 per bhori from Sunday
Bangladesh Jewelers Association (BAJUS) on Saturday (September 30, 2023) announced it was reducing the price of gold again after an interval of just two days from the last price change.
Earlier, Bajus had last set gold prices on September 27, which was effective from last Thursday.
The new rate will be effective from tomorrow (Sunday, October 1). The price of good quality 22-carat gold has been reduced by Tk 1,750 to Tk98,211 per bhori (11.664 grams). Until Saturday 22 carat gold was Tk99960 per bhori.
Read more: Gold price marks an all-time high to Tk 1,01,244 per bhori
MA Hannan Azad, chairman of the Bajus Price Determination and Price Monitoring Standing Committee said this by a notification on Saturday (September 30).
According to the notification, the price of acidic gold has decreased in the local market. Considering the overall situation, Bajus has fixed the new price of gold.
The price of 21-carat solid gold is Tk93779 per bhori, 18-carat is Tk80365 per bhori and traditional gold price is Tk 66951.
Read more: Gold Buyer's Guide: Know the types, colors, karats of the precious metal
As of today, the price of 21-carat solid gold is Tk95412 per bhori, 18-carat gold is Tk81765 and traditional gold is sold at Tk68118.
The price of gold has increased but the price of silver has been kept unchanged. According to the category, currently, a bhori of 22-carat silver price is Tk1715, 21-carat price is Tk1633, 18-carat price is Tk1400, and traditional method silver price is Tk1050.
Read more: Gold vs Diamond: Which Should You Choose for Investment?
1 year ago
Bangladesh gets Tk200 crore smuggled gold every day: BAJUS
Bangladesh Jeweller’s Association (BAJUS) in a meeting with Bangladesh Financial Intelligence Unit (BFIU) on Thursday claimed gold worth Tk200 crore is arriving in Bangladesh through smuggling every day.
The BAJUS also proposed to BFIU forming a joint initiative to combat gold smugglers, who are also involved in money laundering.
With BFIU chief Md Masud Biswas in the chair senior official of the financial intelligence and a 13-member delegation of BAJUS led by its president Sayem Sobhan, attended the meeting.
In response to BAJUS delegation’s information and proposal, Masud assured to protect Bangladesh from the gold smugglers and strengthen the raid against gold smuggling in the country.
Read: 56 gold bars seized at Chattogram airport
The BAJUS leaders informed the meeting that the smuggling occurs by air, road, and waterways.
As a result, Tk73000 crore worth of smuggled gold arrives in Bangladesh annually and most of it is smuggled out of the country.
The BAJUS leaders presented seven recommendations to stop the smuggling of gold.
2 years ago
Tk 73000 cr being laundered through gold smuggling annually: BAJUS
Bangladesh Jewellers’ Association (BAJUS) on Saturday said that around Tk73000 crore is laundered from Bangladesh every year through gold smuggling.
They have sought the government’s tough action and cooperation of intelligence agencies and law enforcers to stop gold smuggling through Bangladesh.
BAJUS leaders said this at a press conference held at the association’s office in Bashundhara city complex in the capital on Saturday.
Enmaul Haque Khan, Chairman of BAJUS standing committee on Ant-Smuggling and Legal Enforcement, gave the speech at the press conference.
Among others, Vice-chairman Bidhan Malakar, members Ikbal Uddin, Swapon Chandra Karmakar, Bikash Ghosh, Babul Rahman, were present at the function.
Read: 10 gold bars seized at Sylhet airport
They claimed that Bangladesh is used as a transit of gold smuggling to neighboring countries by influential syndicates which should be stopped .
Gold worth around Tk200 crore is smuggled daily on average through Bangladesh airways, roads, and waterways, they said.
The jewellers’ association leaders said that they have prepared the report on gold smuggling and money laundering based on law enforcers’ information and newspaper reports regarding gold smuggling.
Replying to a query, BAJUS leaders said 15000 to 20000 bhoris of gold are being imported in Bangladesh through baggage of travellers which is legal.
2 years ago
Gold price reaches record high in Bangladesh
Bangladesh Jewellers Association (Bajus), a trade body, has notified an increase in the gold price by Tk 4,199 per bhori with effect from Sunday.
With the latest price, 22-carat gold will be sold at Tk82,464 per bhori, 21-carat gold at Tk 78,732 per bhori and 18-karat gold at Tk 67,534.
According to a press release, the price of gold has increased both in the international market and local market due to the appreciation of the dollar and some other currencies.
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The price of traditional gold has been set at Tk 56,220 per bhori from Tk 53,362 per bhori, added the release.
Till Saturday, the price of 22-carat gold was Tk78,265 per bhori. The price of 21-carat gold was Tk74,707 per bhori while 18-carat gold was available at Tk64,035.
Earlier on May 17, Bajus raised the price of gold by Tk1,750 a bhori to Tk 78,265 in local markets.
Also read: 1 held with 124 gold bars worth Tk 10 cr in Jashore
2 years ago
Gold price up by Tk 1750 to Tk 78,265 per bhori
Bangladesh Jewllers’ Association (Bajus), an organization of jewllers, has increased gold price by Tk 1,750 per bhori with effect from Wednesday.
Bajus Standing Committee on Pricing and Price Monitoring came up with the announcement at a meeting saying that the prices of gold are climbing in the international market.
Also read: Gold prices go up by Tk1867 per bhori
The price of 22-carat gold per bhori will increase from 76,515 to Tk78,265, said Bajus.
According to Bajus, 21-carat gold will be sold at Tk74,682 per bhori and 18-carat gold at Tk 64,013 per bhori. The price of traditional gold has been increased by Tk 1, 166 to Tk 53, 362.
Read 1 held with 124 gold bars worth Tk 10 cr in Jashore
2 years ago