The Bangladesh Jewellers’ Association (BAJUS) has urged the government to authorize the Bangladesh Bank to import and sell gold in the domestic market as prices hit historic highs, severely impacting the country’s jewelry sector.

Gold prices have surged to an unprecedented Tk 1,86,000 per bhori of good quality gold — the highest in Bangladesh’s history. As a result, jewelry shops across the country are witnessing a sharp drop in customer traffic, with both new purchases and resale of old ornaments seeing a noticeable decline.

“The gold market has been unstable for over a year and a half,” said Masudur Rahman, Vice President of BAJUS. “Like many other countries, our central bank can also import gold and sell it in the market. This would help lower the price slightly, create investment opportunities, and generate significant revenue for the government.”

Rahman highlighted that due to regulatory complications and a lack of progress in legal gold imports, traders are forced to source gold from the international market at higher costs. He believes direct involvement from the central bank could stabilize the market, increase supply, and bring much-needed transparency to the industry.

Despite the rising price trend, the sale of old jewelry has not increased significantly. Many consumers are waiting, speculating that the price may soon exceed Tk 2,00,000 per bhori. However, some individuals are selling old ornaments for urgent financial needs and are receiving good returns due to the high market rate.

BAJUS believes that central bank involvement would not only help normalize prices but also curb illegal trade, build public trust in the gold market, and ensure a steady flow of revenue into the national treasury.

Similar gold price trends have also been observed in other countries such as India and the UAE, indicating a broader global price rally. Still, BAJUS insists that Bangladesh must take proactive domestic steps to manage its own market more efficiently.

“The government must come forward with a positive mindset,” Rahman said. “Allowing the central bank to import gold is a necessary step to restore order in the market.”