Bajus call for VAT cuts as 3-day Jewellery fair kicks off in Dhaka

The Bangladesh Jewellers' Association (Bajus) launched a three-day jewellery fair at the International Convention City Bashundhara (ICCB) in the capital on Thursday.

The fair, "Bajus Jewellery Summit 2024", will continue till Saturday at the Nobortatri Hall of ICCB.

Addressing the launching event, Badal Chandra Roy, general secretary of Bajus, sought cooperation from the government to elevate the country's jewellery industry so that jewelleries can be exported from Bangladesh in the coming days.

"Although goldsmithing is an old industry [in Bangladesh], still we are lagging behind in this sector… If the government reduces the VAT and tax in the sector, it will be beneficial," he said.

By reducing VAT and taxes in the jewellery industry, the government can expect a boost in its revenue, he added.

The entry ticket of the fair has been priced at Tk100 per person. A total of 41 jewellery companies of the country will showcase their products at the fair.

On the inaugural day, a seminar was organised at the fair where the participants have called for government initiatives to establish an institute to consolidate and preserve the unique gold ornaments designed in Bangladesh. 

Joining the event virtually, Bajus President Sayem Sobhan Anvir said to increase the demand of Bangladeshi jewelleries in foreign markets, the local workforce of the industry who are currently working abroad should be brought back home. They should be provided with the same level of remuneration they get while working abroad. 

Renowned artist and Emeritus Professor at Dhaka University, Rafiqun Nabi, among others, also addressed the event.