Perilous politics cuts jewelers\\\' sales

Sonia H Moni | Published: January 23, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

The ongoing nonstop blockade pulled down the volume of sales in the country's jewellery market.
Sale of gold ornaments dropped by around 50 per cent as claimed by jewelers as the customers were averting shopping amid the nationwide blockade enforced by the BNP-led 20-party alliance.
"The wedding season is going on, but due to the political unrest the clients are feeling insecure. So they are not coming to the jewelers for shopping," Bangladesh Jewellers Samity's (BJS) former general secretary Dewan Aminul Islam told the FE.
The disclosure came while the newly-fixed gold and silver prices took effect on Thursday. The BJS members decided on Wednesday to increase the prices of gold and silver from Thursday in the domestic market following an upward trend in the international market.
BJS general secretary Enamul Haque Khan said the prices for different carats of gold increased by Tk 1,458 to Tk 1,493 per bhori while that for silver increased by Tk 58 a bhori, as per the BJS decision.
The newly-fixed price of 22-carat gold in the domestic market is Tk 46,014 per bhori, 21-carat gold Tk 43,915 per bhori, 18-carat gold Tk 37,266 and the traditional gold Tk 25,544 while the price of silver is Tk 1,108 per a bhori, according to the BJS.
The prices earlier fixed on November 6, 2014 were Tk 44,521 per bhori of 22-carat gold, Tk 42,422 for 21-carat gold, Tk 35,773 for 18-carat gold and Tk 24,086 for the traditional gold. The price for a bhori of silver was Tk 1,050.
The price of gold fluctuated from $1,302.90 to $1,288.26 per ounce on Wednesday evening.
Dewan Aminul said usually the jewellers wait for the wedding season for a spike in their sales. The sales go up as the parents of brides and bridegrooms buy gold for different purposes. Clients use gold ornaments as wedding gifts.
"But now the scenario has changed and a very small number of clients think of giving anyone a gift like a gold ornament," Mr Islam, the owner of Siraj Jewelers, said.
"We thought the number of buyers would increase as the gold price was comparatively lower in the last few months. But the scenario is quite different," he added.
Tapan Kumar Gupta, owner of Mohona Jewellers at the Karnafuli Garden City shopping complex in the city said most of the jewellers there were sitting idle. "We find a small number of buyers every day during the ongoing blockade," he added.
He also said: "The clients can't come to the jewellery shops with sufficient money, as they feel insecure. Customers are cancelling their orders for gold ornaments as the wedding dates are also being shifted due to the political unrest."
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