Dual policy options for jewelry sector – domestic, export focus

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Dual policy options for jewelry sector – domestic, export focus

BM Report:

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman presented two distinct policy options to boost the promising Bangladeshi jewelry sector during a seminar at the BAJUS Fair on Friday. He urged jewelers to choose their preferred path – focusing on the domestic market or pursuing export opportunities.

“The government is prepared to support the jewelry sector, which has immense growth potential,” said Mr. Rahman. “However, jewelers need to clarify their demand: Should we create a policy for the local market or the international market?”

The seminar, organized by the Bangladesh Jeweler’s Association (BAJUS), addressed challenges and opportunities in financing the industry. BAJUS President Sayem Sobhan Anvir welcomed Mr. Rahman’s suggestion of separate policies for each market, acknowledging the distinct needs of domestic and international customers.

While acknowledging the long-term potential of exports, Mr. Rahman advised prioritizing the domestic market. “I believe gold export will require time,” he cautioned. “First, we need to upskill our workforce and invest in research & development to solidify the domestic market before exploring international possibilities.”

He emphasized the collaboration between relevant ministries and financial institutions as crucial for the sector’s advancement. Praising Mr. Anvir’s leadership in transforming BAJUS, Mr. Rahman expressed confidence in the association’s commitment to implement his policy recommendations.

Echoing Mr. Rahman’s sentiments, Mr. Anvir reiterated BAJUS’s dedication to realizing the vision of “Golden Bangla” by establishing the gold industry as a key economic driver. “We envision not just ‘Sonar Bangla’ (Golden Bengal), but building it with actual gold,” he declared.

Both leaders believe Mr. Rahman’s strategic direction will empower BAJUS to guide the jewelry sector towards flourishing as a major industry.

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