The Ministry of Commerce has invited government agencies and stakeholders to submit written feedback by Sunday on a draft "Gold Policy 2018 (Amended) 2026", aimed at transforming the country's gold sector into a legal, recognised and accountable industry.
Commerce Minister Khandaker Abdul Muktadir issued the directive on Thursday while chairing a meeting on the draft policy at the ministry.
The minister said the gold sector has long contributed to the economy but has remained outside a proper institutional framework due to the absence of effective policies and regulations.
"We need to fix our mindset. It has not been right for a recognised business sector to remain outside a formal structure for so long. We now want to bring the sector under a legal and institutional framework," he said.
Muktadir said the government wants the gold sector to operate like other industries, adding that formalisation would boost employment, legal imports, revenue collection and transparency in gold stocks and transactions, while businesses would pay duties and taxes under a clear regulatory framework.
He said every stage of the purchase, sale and storage of legally imported gold should be properly documented, enabling regulators to monitor stocks, sales and sources of supply.
Highlighting gold's economic importance, the minister said it is internationally recognised as a store of value, with central banks maintaining gold reserves alongside foreign currency.
"If $4 billion or $10 billion worth of gold is legally imported into the country and remains here instead of being illegally taken abroad, then value is essentially being preserved within the country," he said.
To curb gold smuggling, he stressed the need to avoid a wide gap between domestic and international prices, saying customs duties and taxes should take into account global benchmark prices, particularly those in major trading hubs such as Dubai.
The minister said the policy also focuses on developing Bangladesh's jewellery manufacturing and export potential through value addition. Allowing raw material imports at reasonable duties, he said, would enable local artisans and entrepreneurs to produce internationally competitive jewellery.
He said the policy would also consider both export opportunities and domestic demand, particularly for weddings and other social occasions, while taking into account consumers' purchasing power.
Noting that rising gold prices are putting pressure on consumers, Muktadir said a rational policy and improved supply system would encourage competition and help ensure fairer prices.
Before finalising the policy, the ministry will review the regulatory frameworks of three to four major gold jewellery-exporting countries, including India, comparing their import systems, tariff structures, stock management, export incentives and monitoring mechanisms with Bangladesh's proposed framework.
He also asked the National Board of Revenue (NBR), Bangladesh Bank and other relevant agencies to identify potential risks and implementation challenges and submit their written opinions.
"It is not the government's intention to push the sector into a new crisis by formulating this policy. We must collectively build a framework that prioritises the country's interest, so that the gold sector becomes legal, transparent and sustainable," he said.
The meeting was informed that the ministry would compile stakeholders' feedback and, if necessary, hold another consultation before finalising the revised policy.
Commerce Secretary Ataur Rahman Khan presided over the meeting. Bangladesh Jewellers Association (BAJUS) President Enamul Haque Khan, Export Promotion Bureau Vice Chairman Mohammad Hasan Arif, and representatives from the NBR, Bangladesh Bank and other government agencies and the gold sector attended and shared their views.