Jewellery sales have taken a hit this Eid as soaring gold prices make ornaments less affordable for many buyers, reports UNB.
The Bangladesh Jewellers Association (Bajus) recently raised gold prices to a record high, with the latest hike coming last Thursday.
A year ago, a 22-carat gold bar cost Tk 111 thousand (1.11 lakh), but today, its market price stands at Tk 155 thousand (1.55 lakh), including VAT and labour charges.
This marks an increase of Tk 44,000 per bhori in just one year-the highest price surge recorded so far.
"Many customers are visiting jewellery stores for Eid shopping, but due to the high prices, they are purchasing smaller quantities, only as much as they can afford," said Abdus Salam, owner of Chandrima Jewellers in Mouchak Market.
He noted that gold jewellery sales have dropped by half compared to last year.
Gold has long been cherished for its aesthetic appeal and cultural significance, particularly among women. While demand typically rises during festive seasons, this year, traders report a sharp decline in sales due to the steep price hike.
Under the revised pricing structure, the cost per bhori is now:
22-carat: Tk 154,945
21-carat: Tk 147,900
18-carat: Tk 126,776
Traditional method: Tk 104,498
Bajus has also said that a 5 per cent government-mandated VAT and a minimum 6 per cent making charge must be added to the selling price. But making charges may vary based on the jewellery's design and quality.
