Policy being drafted to ease gold import

The government is set to formulate a national gold import policy soon to facilitate expansion of jewellery business in the country, a senior official at the Ministry of Commerce (MoC) told the FE Saturday.
The local jewellers for long have been demanding formulation of a national gold policy to regulate the country's jewellery business and allow them to buy bullion from international market.
The Bangladesh Jewellers' Samity (BJS) last month wrote a letter to Commerce Minister Tofail Ahmed, seeking his urgent intervention in this connection.
They claimed that the minister had assured them of fulfilling his earlier pledge of formulating the policy within six months.
After receiving the letter from the BJS, the MoC formed an inter-ministerial committee to evaluate the jewellers' demand, the MoC official said.
Representatives from the MoC, the Ministry of Industries (MoI), the Bangladesh Bank (BB), the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the National Board of Revenue (NBR), the Bangladesh Small and Cottage Industries Corporation (BSCIC), the Office of Chief Controller of Imports and Exports (CCI and E), and the BJS were included in the committee.
"We are now receiving opinions from stake holders. After getting the opinions, the committee members have decided to formulate the gold import policy through scrutinising the relevant policies of the neighbouring countries," senior secretary of the commerce ministry, Hedayetullah Al Mamoon told the FE Saturday.
"The committee also decided to make a jewellery industry policy, under the supervision of the industries ministry, immediately after formulation of the import policy," he added.
"The import policy will allow the country's jewellery manufacturers to purchase gold through proper channels, which will benefit both the government and the gold businessmen."
"Considering the present critical situation of the goldsmiths, the government is very much positive about formulation of the policy. It would rehabilitate them and also change the present large-scale migrating trend of the local goldsmiths to neighbouring India," Mr Mamoon added.
"It is the failure of the successive governments that they could not formulate a national gold policy in 44 years of independence. Most of the countries, including India, Pakistan, Sri Lanka and China, have formulated their own gold policies long ago."
"We are very happy indeed to know that a national gold policy is going to be formulated at last," General Secretary of BJS Enamul Haque Khan said.
He also said the policy would help the local jewellery industry flourish as a major export-oriented sector.
"Soon after the implementation of the policy, the government should concentrate on solving the problems and exploring the prospects of exporting gold and diamond jewellery. The sector has a big potential across the world," said former president of BJS, Dilip Roy.
"There is a bright prospect for Bangladeshi gold and diamond jewellery in the global market, especially in the Middle East, Singapore, Thailand, Hong Kong and Malaysia," he said.
Presently, the country's existing laws do not permit the traders to import gold from the international market, or to export gold ornaments. As a result, they have to procure gold from the people, coming to Bangladesh from abroad.
Each traveller is allowed to import 200 grams of gold under the baggage rules.
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