Sunday, 29 January, 2023
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Jewellery is going to be a game changer

Jewellery is going to be a game changer

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The inbuilt entrepreneurship in the people of Bangladesh along with adequate public policy support have been at the root of gradual and steady growth of different types of private sector industries. Needless to say, entrepreneurs in different sectors have contributed significantly to the consistent economic growth of the country. The garment sector is a success model for us but it is high time to diversify our export basket by focusing on other potential sectors like agriculture, leather, pharmaceutical et al.

But apart from the traditional sectors, the recent extraordinary development in the jewellery sector has drawn our attention. A state-of-the-art gold refinery is being set up by Bashundhara Group with the target of manufacturing 12,000 bhories of the precious metal a year. Scheduled to come into operation next year, the refinery will be a huge value addition to our export basket. It will also create as many as 40,000 jobs.

The gold sector can be a major contributor to export earnings as the value addition of the item is higher than any other product. The global jewellery market is expanding across the world. The market was equivalent to $229.3 billion in 2019 and is projected to reach $291.7 billion by 2025.

Currently, the lion's share of the jewellery and watch market revenue is attributed to China, followed by the United States, Japan and India. Bangladesh's share in this sector is abysmally low. However, with its goldsmiths' high repute for eye-catching designs, our country has all the potential to take this lucrative opportunity and strengthen its position in jewellery export. And Bashundhara Refinery Ltd has widened that scope.

Once commercial production begins, the gold refinery is expected to facilitate the export of gold ornaments and put Bangladesh in the race of ornament-exporting nations. Bangladesh has the vision to be a developed country by 2041, and we believe a vibrant jewellery industry can be a game changer for the country’s economy to propel it towards achieving that goal.