Bangladesh may tap the huge potential of handcrafted gold jewellery in the international market as there are many traditional jewellers in the country.
This was observed at a seminar on the 'Potential, challenges and way forward for the jewellery industry' organised by the Bangladesh Jeweller's Association (BAJUS) at the International Convention City Bashundhara on the sideline of three-day jewellery fair, says a statement.
Industries Minister Nurul Majid Mahmud Humayun was present at the seminar as the chief guest while President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Jashim Uddin and BAJUS President Sayem Sobhan Anvir were present, among others.
According to a keynote presented on behalf of the BAJUS, unavailability of raw gold, lack of large investment, dependence solely on the local market are some of the key challenges to flourish in gold sector.
Besides, there has been no import of gold through legal channel since independence as there has been no proper policy in this regard in the country.
The BAJUS also said the handcrafted gold is a labour intensive industry and there is a significant value addition.
"Such jewellery is mostly crafted in India and Bangladesh. But Bangladesh cannot make a noteworthy contribution to the global market of handcrafted ornaments," the presentation said.
Local jewellers have goodwill for their craftsmanship, but they have to work for Indian companies as they get little scope to work in the domestic market, he said.
India earned $7.83 billion from the export of such jewellery in the year 2020.
Bangladesh lags much behind in terms of overall gold jewellery global market.
In his speech, FBCCI President Jashim Uddin said Bangladeshi gold jewellery has good demand in different countries like the USA, Canada and Middle East countries.
He added the smuggling of the yellow metal has been a major challenge for the sector.
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