Monday, 25 September, 2023

Jewellery industry

A new horizon for economic growth

A new horizon for economic growth

Popular News

With a strong track record of growth and development, even during the time of global uncertainties, Bangladesh is gearing up to take its economy to the next level of growth. The country will officially graduate from the United Nations’ Least Developed Country (LDC) category in 2026, and after that it will have to compete in a more competitive global market. It is, therefore, in dire need of export diversification to sustain its growth as well as to avoid the middle-income trap.

In this situation the country’s leading business conglomerate Bashundhara Group has come up with a unique idea of establishing the country’s first gold refinery, sowing the seeds of a glittering future for the jewellery industry. Moreover, while addressing the 58th founding anniversary of Bangladesh Jeweller’s Association (BAJUS), Bashundhara Chairman announced that he will provide a 40,000 square feet space for establishing export-oriented jewellery factories. Prospect of the jewellery industry is so high that the renowned businessman foresees export earnings from this sector can be four times higher than the export earnings from the garment sector.

The trend in the international jewellery market is also positive as consumers’ appetite for gold ornaments appears to be increasing rapidly. The global jewellery market was equivalent to $229.3 billion in 2019 and is now 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, although Bangladeshi goldsmiths have a reputation for producing eye-catching and ornate jewellery items.

Establishment of Bashundhara Gold Refinery and a jewellery park for setting up export-oriented jewellery factories will be a game changer not only for this particular industry, but also for the economy as a whole. The facilities will help jewellery entrepreneurs to flourish, create jobs and drive Bangladesh to make a foray into the lucrative global market of gold ornaments. And jewellery export will be an important value addition to our export basket which is primarily dependent on the garment sector. We hope the government and the banks will come forward to extend all-out support so that the jewellery sector can thrive and realise its full potential.