Diamond World receives country’s first-ever gold shipment

Diamond World has recently received a shipment of 11kg gold from abroad which is the first-ever legal international trade of the precious metal in Bangladesh.

The shipment arrived in Dhaka through a special flight of Emirates Airlines on Tuesday, said a press release issued by Diamond World on Wednesday.

The press release also disclosed that Diamond World previously imported rough diamond and exported polished diamond.

Dilip Kumar Agarwal, managing director of Diamond World and vice-president of the Federation of Bangladesh Chamber of Commerce and Industry, told The Business Standard that the provision to import gold will reduce smugglings.

He said, "The industry has a chance to export finished jewellery products using imported gold, which will help to create employment and boost export earnings."

"We have our tradition and capacity. We will lead the world market in a short time," said Dilip Kumar, also the secretary of Bangladesh Jewellers Samity.

The first comprehensive gold policy for the jewellery industry with the provision of importing gold was introduced in 2018.

The central bank issued a circular the following year to assign gold dealers under the policy.

Total 50 applications from different institutions, including banks, were submitted but the Bangladesh Bank issued licences to only one bank and 18 other institutions.

In the budget for the current fiscal year, the government has withdrawn the 15 percent Value Added Tax imposed earlier on importing gold, creating a scope for Diamond World to take initiatives to import gold, according to the release.