Dhaka: The Ministry of Commerce has invited government agencies and stakeholders to submit written feedback by Sunday on a draft “Gold Policy 2018 (Amended) 2026,” aimed at transforming the country’s gold sector from an informal state into a legal, recognised, and accountable business sector. Commerce Minister Khandaker Abdul Muktadir gave the directive on Thursday while chairing a meeting on the draft policy at the ministry’s conference room.
According to United News of Bangladesh, the minister highlighted the significant role the gold sector has long played in the economy but acknowledged its failure to achieve full institutional shape due to the absence of proper policy and regulatory frameworks. He emphasized that regulatory weaknesses should be considered alongside business practices as responsible for the current situation. “We need to fix our mindset. It has not been right for a recognised business sector to remain outside a formal structure for so long,” Muktadir stated.
The government aims to allow the gold sector to operate like other industrial and business sectors. Formalisation is expected to boost employment generation, legal imports, revenue collection, and transparency in gold stocks and transactions. Businesses will be required to pay duties and taxes as per rules, while the government ensures favourable regulations. Every stage of the purchase, sale, and storage of legally imported gold must be accounted for, with regular oversight from regulators.
The minister highlighted the economic importance of gold and its role in preserving value. He noted that if gold worth billions is legally imported and retained within the country, it preserves value domestically. To prevent smuggling, Muktadir stressed avoiding an abnormal gap between domestic and international market prices.
International gold prices, especially from major trading hubs like Dubai, will be considered while setting customs duties and tax rates. The policy also addresses the potential for jewellery manufacturing and exports through value addition. Allowing raw material imports at minimal duties could enable local artisans to produce internationally competitive products.
Muktadir pointed out two critical considerations: whether gold imported at international prices can be exported after domestic value addition, and addressing significant domestic demand for gold, especially for weddings and social occasions. He noted that rising gold prices are pressuring consumers and called for a rational policy to foster market competition and fairer prices.
Before finalising the draft policy, the ministry plans to review the policies and regulatory systems of other gold jewellery-exporting countries, including India. A comparative analysis will be conducted of their import systems, tariff structures, stock management, export facilities, and monitoring mechanisms against Bangladesh’s proposed policy.
The minister called on the National Board of Revenue, Bangladesh Bank, and other relevant agencies to identify potential risks and implementation complexities. “It is not the government’s intention to push the sector into a new crisis by formulating this policy,” Muktadir assured. After compiling stakeholder feedback, a revised gold policy will be finalised promptly.
Commerce Secretary Ataur Rahman Khan presided over the meeting, with inputs from Bangladesh Jewellers Association President Enamul Haque Khan, Bangladesh Export Promotion Bureau Vice Chairman Mohammad Hasan Arif, and representatives from relevant agencies and the gold sector.