The government has taken a major initiative to transform Bangladesh’s gold sector into a formal, regulated and accountable industry through a revised national policy aimed at increasing transparency, legal trade, exports and revenue collection.
The move came at a meeting at the Ministry of Commerce today, where Commerce Minister Khandakar Abdul Muktadir directed all relevant agencies and stakeholders to submit written opinions on the draft “Gold Policy 2018 (Revised) 2026” by Sunday, said a press release.
The meeting, chaired by Commerce Secretary Md. Ataur Rahman Khan, was attended by Bangladesh Jewellers’ Association (BAJUS) President Enamul Huq Khan, Export Promotion Bureau (EPB) Vice Chairman Mohammad Hasan Arif, and representatives of the National Board of Revenue (NBR) and Bangladesh Bank.
Muktadir said the country’s gold sector has remained outside a proper institutional framework for years due to inadequate policies and regulatory shortcomings, despite its significant contribution to the economy.
He said the government’s objective is to establish the gold trade as a fully recognised industry operating under the same legal and regulatory framework as other sectors, which would create employment, encourage legal imports, improve revenue collection and ensure transparency in gold transactions and reserves.
Under the proposed policy, he said, every stage of legally imported gold-from import and storage to sales-will be brought under a monitoring system, allowing regulators to track inventories, transactions and sources of gold.
Highlighting gold’s strategic economic value, the minister said legally imported gold retained within the country helps preserve national wealth, much like foreign exchange reserves.
To discourage smuggling, he stressed that domestic gold prices should remain closely aligned with international market rates.
He said significant price gaps with neighbouring countries create incentives for illegal exports and suggested that duty and tax structures should be designed with reference to global markets, particularly major trading centres such as Dubai.
The draft policy also gives priority to expanding gold jewellery exports by facilitating the import of raw materials at rational and minimum duty rates, enabling local manufacturers to become more competitive in international markets.
The minister noted that Bangladesh has strong domestic demand for gold, particularly for weddings and social occasions, adding that a well-structured policy would improve competition and enable consumers to purchase gold at fair prices.
Before finalising the policy, the government will review regulatory models of three to four leading jewellery-exporting countries, including India, focusing on import procedures, duty structures, storage management and export incentives.
The minister asked the NBR, Bangladesh Bank and other agencies to identify implementation challenges and potential risks in their written recommendations, saying the government’s aim is to establish a transparent, sustainable and nationally beneficial framework rather than create new complications.
After reviewing stakeholders’ feedback, the government may hold further consultations before finalising the revised gold policy.