The government has initiated a move to bring Bangladesh's largely informal gold trade under a formal regulatory framework, asking relevant government agencies and industry stakeholders to submit written opinions on a revised draft gold policy by Sunday.
The directive came from Commerce Minister Khandaker Abdul Muktadir at a meeting on the draft Gold Policy 2018 (Revised) 2026 held at the Secretariat on Thursday.
The meeting, chaired by Commerce Secretary Md Ataur Rahman Khan, was attended by representatives of the Bangladesh Jewellers Association (BAJUS), the Export Promotion Bureau (EPB), the National Board of Revenue (NBR), Bangladesh Bank and other stakeholders.
The commerce minister said the gold sector has long contributed to the economy but remains largely outside the formal system due to the absence of a comprehensive policy and regulatory framework.
The responsibility for the sector's informal nature does not rest solely with traders as regulatory shortcomings have also contributed to the current situation, he said.
"We need to change our mindset. It is not appropriate for a recognised business sector to remain outside the formal framework for so long. We now want to bring the sector under a legal and institutional structure."
He said the government wants to regulate the gold trade like other formal industries to boost legal imports, employment, revenue collection and transparency in gold ownership and transactions.
Under the proposed framework, every stage of legally imported gold -- from import and storage to purchase and sale -- would have to be documented, while regulatory agencies would regularly monitor inventories, transactions and the sources of gold.
Highlighting the metal's strategic importance, the minister said gold is internationally recognised as a store of value and is held by many central banks as part of their reserve assets alongside foreign currencies.
He said that legally importing between US$4 billion and US$10 billion worth of gold would help retain value within the domestic economy.
However, he cautioned that domestic gold prices should remain broadly aligned with international prices, as wide price gaps encourage smuggling.
The minister also urged authorities to determine customs duties and taxes by taking international market prices into account, particularly those in major trading hubs such as Dubai.
In addition to regulating imports, the revised policy will seek to promote value addition through jewellery manufacturing and exports, he said. Allowing imports of raw materials at competitive duty rates could help local manufacturers and artisans produce internationally competitive jewellery, he added.
The policy will also take into account domestic demand for gold, particularly for weddings and other social occasions, as well as the impact of rising prices on consumers.
Before finalising the policy, the government plans to review the regulatory frameworks of India and other major jewellery-exporting countries, including their import systems, tariff structures, inventory management practices and export incentives.
The minister asked the NBR, Bangladesh Bank and other relevant agencies to submit written assessments of potential risks and implementation challenges.
He said the government's objective is not to create additional burdens for the industry but to establish a transparent, sustainable and competitive framework that formalises the sector while supporting legitimate businesses.
Officials said the draft policy would be revised after incorporating stakeholder feedback and could undergo further discussion before receiving final approval.
