Jewellery shops see Eid sales decline amid soaring gold prices
Businessmen say sales have dropped by half compared to last year
Jewellery sales have taken a hit this Eid as soaring gold prices make ornaments less affordable for many buyers.
The Bangladesh Jewellers Association (Bajus) recently raised gold prices to a record high, with the latest hike coming last Thursday.
A year ago, a 22-carat gold bar cost Tk1.11 lakh, but today, its market price stands at Tk1.55 lakh, including VAT and labour charges.
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This marks an increase of Tk44,000 per bhori in just one year—the highest price surge recorded so far.
"Many customers are visiting jewellery stores for Eid shopping, but due to the high prices, they are purchasing smaller quantities, only as much as they can afford," said Abdus Salam, owner of Chandrima Jewellers in Mouchak Market.
He noted that gold jewellery sales have dropped by half compared to last year.
Gold has long been cherished for its aesthetic appeal and cultural significance, particularly among women. While demand typically rises during festive seasons, this year, traders report a sharp decline in sales due to the steep price hike.
Under the revised pricing structure, the price per bhori is set at Tk1.54 lakh for 22-carat gold, Tk1.47 lakh for 21-carat gold, Tk1.26 lakh for 18-carat gold, and Tk1.04 lakh for traditionally acquired gold.
Bajus has also said that a 5% government-mandated VAT and a minimum 6% making charge must be added to the selling price. But making charges may vary based on the jewellery's design and quality.
