Bajus urges traders to sell gold at existing prices

The Bangladesh Jewellers Samity (Bajus) has urged jewelry traders to sell gold and silver at their existing prices (that were set on 13 January 2021) instead of being confused by the price hike.

This was confirmed in a press release issued on Monday and signed by Bajus president Enamul Haque Khan and General Secretary Dilip Kumar Agarwala.

"During its additional general meeting held on 3 February, Bajus decided to re-fix the gold price by adding Value Added Tax (VAT) and making charge," according to the press release.

Once Bajus' decision takes effect, 22 carat gold will be sold at Tk80,000 per bhori, which is currently Tk72,666.

"All decisions on the gold price will be communicated in writing, so there is no cause for confusion," it added.

"In the interest of transparency, Bajus has sent a letter to the relevant branch of the National Board of Revenue (NBR), seeking its advice on the matter in the light of the existing law," it added.

After receiving a response from the NBR, Bajus' executive committee will convene to determine when the revised gold price will take effect.

At present, VAT and making charge on gold ornaments are charged separately, and VAT is fixed at 5%.

"Prior to a decision roll-out, we will conduct a comprehensive assessment on how seller and buyer groups are responding to the revised prices, and on the challenges faced by the jewellery sector during the Covid-19 period," the press release also said.