Bangladesh is advancing towards taking up the trade of refining gold in a bid to cater to the nearly $230 bn worth global gold jewellery market, meet domestic requirements and curb smuggling. This month Bangladesh Bank allowed the import of unrefined and partially refined gold revising a gold policy framed in 2018.
The Ministry of Commerce issued a Standard Operating Procedure (SOP) on July 7, for the establishment and running of gold refineries. The ministry has given the initial nod for Bashundhara Group to establish a refinery.
As per the SOP, businesses will need to submit copies of memorandums of understanding with one or more gold miners or suppliers of partially refined gold along with applications for getting primary approval from the commerce ministry.
Investors will have to submit structural layouts, a list of machinery, origin and plans regarding effluent treatment, the establishment of the laboratory, warehouse and vault and the amount to be refined annually.
Additional Secretary to the commerce ministry AHM Shafiquzzaman said the initiative aims to cut import dependence for jewellers and curb smuggling." There is potential for export after meeting domestic demand," he said. He said the commerce ministry was prioritising investment capacities and security issues when allowing the setting up of refineries.
Operators and officials said the latest government move would give fresh vigour and encourage the creation of a gold refining industry, which would, in turn, meet demand among jewellers and create the scope for exporting jewellery.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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