Int’l jewellery machinery expo ends with call to prevent gold smuggling

Traders in the country’s jewellery sector observed that gold smuggling remains a key barrier to the advancement of the industry. 

They stressed the need for gold smuggling prevention, withdrawal of high customs duties on gold and policy support to revolutionise the industry.  

“The main obstacles to the development of the jewellery industry are smuggling and excessive customs duties,” Dilip Roy, spokesperson and former president and executive committee member of the Bangladesh Jewellers Association (Bajus), said at the wrapping up of the 1st International Jewellery Machinery Exhibition Bangladesh (IJMB) 2024, on Saturday at the International Convention City Bashundhara.

The three-day show, the first of its kind in the country, was jointly organised by the Bajus and its Indian partner KNC Services.

Bajus Spokesperson Dilip further said, “Given the vast potential in the country’s jewellery sector, it is possible that with public-private backing, the industry could become a major source of foreign exchange earnings, akin to the RMG industry.”

Bajus Vice Presidents Gulzar Ahmed, Md Ripnul Hassan, Masudur Rahman, and Sumit Ghosh Apu, who was the coordinator of the show, also spoke.

The three-day fair started on 4 July, with the theme “Technology for excellence in jewellery,” and drew more than 5,000 traders and visitors in the three days.  

As many as 30 companies from around 10 countries, including India, Italy, Turkey, the UAE, Germany, China, Thailand, took part in the show.