Opt for either domestic or export policy

Mentioning that there will be two different policies for the emerging jewellery sector having growth potential -- one for the domestic market and other for the export market, Prime Minister’s Private Industry and Investment Adviser Salman F Rahman has said jewellers will have to specify which one they seek from the government.

“If we talk about the policy for the gold sector, the jewellers will have to specify their demand -- whether they seek policy for the local market or international market. The government is ready to provide support for the sector having immense potential of growth,” he said while addressing a seminar organised as part of the BAJUS Fair as the chief guest on Friday.
Bangladesh Jeweller's Association (BAJUS) organised the seminar on challenges and opportunities in financing the jewellery industry

on the second day of the three-day mega exposition at International Convention City Bashundhara (ICCB) in the capital.
BAJUS President Sayem Sobhan Anvir presided over the discussion.

Salman F Rahman, however, urged the jewellers to put concentration on the domestic market first and then move for the export destinations.
“I think gold export will take time. First, we should focus on up-skilling local resources, research and development to strengthen the domestic market. Then we can go for exploring the international market,” he said.

The PM’s adviser said commerce and industries ministries, National Board of Revenue and Bangladesh Bank can take the jewellery sector forward.
He lauded the role of Sayem Sobhan Anvir in reshaping BAJUS as a disciplined organisation over the last three years of presidency of the trade body.

Echoing Salman F Rahman, BAJUS President Sayem Sobhan Anvir assured that BAJUS will follow his policy recommendations for local and international markets separately.
“I fully agree with Adviser Salman F Rahman who talked about separate policies for the domestic and international markets. The markets are different. Separate policies are required for these two. We’ll consider the suggestion,” Anvir, also managing director of Bashundhara Group, said.

The BAJUS president reiterated his stance on supporting the materialisation of ‘Golden Bangla’ through developing the gold industry as a driving force.
“We’ve been talking about ‘Sonar Bangla’ for a long time. If it’s not well patronised, the title will remain mere a word and it won’t have any meaning. We want to build Golden Bangla with gold,” he said.
Sayem Sobhan Anvir thinks BAJUS got right directives from Salman F Rahman for the jewellery sector to flourish as an industry.

Former Bangladesh Bank Chief Economist Dr Biru Paksha Paul made the keynote presentation connected with the session virtually. In the keynote paper, he mentioned that the gold and jewellery sector has been struggling for policy recognition for over five decades.

“Without recognition of the gold and jewellery industry, getting a loan becomes very difficult. In that case, this industry should be recognised as an industry first. We take 50 years to develop policies at the state level regarding gold,” he said.

Joining the seminar over video link, SAARC Chamber President Jashim Uddin suggested that the jewellers collaborate with the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) for accelerating research and development to drive the sector to the next level of growth.

“We’ve developed a research and innovation centre at the FBCCI. BAJUS also talks about an institute to up-skill artisans and explore avenues of research. We can collaborate to contribute together to the gold industry,” Jashim, also former FBCCI president, said.

Chittagong Stock Exchange Chairman Asif Ibrahim said the country’s second largest bourse is set to initiate commodity exchange through gold in October this year.
Global Islami Bank Chairman Nizam Chowdhury suggested an inventory for gold from legal and informal sources to evaluate the sector as an industry.

“Around 80% transactions remain in informal manner. The jewellers have to make an inventory to give an idea about the sector. I believe no bank will deny financing if you have an inventory of gold,” he said.
In her speech, Prof Tabassum Zaman of Jagannath University mentioned that there is lack of data flow in the jewellery sector which may hinder the growth. “We talk about challenges in finance for the jewellery sector. However, the Bangladesh Bank has a special re-finance scheme under SME department. Jewellers can avail the facility from the specific SME cluster,” she said.

Bashundhara Group Director Ahmed Ibrahim Sobhan, BAJUS General Secretary Badal Chandra Roy, its former Presidents Kazi Sirajul Islam and Dr Dilip Kumar Roy, Kaler Kantho Editor-in-Chief Imdadul Haq Milan, former Agrani Bank Managing Director Shams-ul Islam, Eastern Bank MD Ali Reza Iftekhar, seasoned banker Nurul Amin, ABG Bashundhara Director Mostafa Azad Mohiuddin and FBCCI Director Iqbal Hossain Chowdhury were present at the seminar moderated by BAJUS Adviser Ruhul Amin Rasel.