(MENAFN- Bangladesh Monitor) Dhaka : Bangladesh currently employs five million people in its jewellery sector including a large number of skilled goldsmiths of international standard across 40,000 jewellery establishments. Moreover, the sector's immense export potential shows that, with investments and government support, it can bring about a sea change in theuntry's nomy.
"For this purpose, the jewellery sector t be intrialised and export oriented factories t be established, as there is a huge demand of handmade gold ornaments in the global market," added the President of BA.
"Hence, it is high time the private sector started investing in the jewellery sector to set up factories with the aim of exporting jewellery products worldwide," he stressed.
This way, theuntry will be able to establish another source of foreign currency ie, further mentioned Sobhan.
It may be mentioned here that the sector's potential already influenced the world renowned jewellery brand Malabar to enter the Bangladesh market and set up a manufacturing factory in theuntry on July 29, 2023.
Meaning, soon theuntry's sector will boast international jewellery giants like Malabar while the latter exports jewellery products from Bangladesh, claimed Sobhan, adding, this will pave the way for more foreignpanies toe to Bangladesh and invest in its jewellery intry.
Foreignpanies are showing immense interest in setting up export-oriented factories in the jewellery sector of Bangladesh. He called upon the Bangladeshi entrepreneurs to perceive this possibility.
Bangladesh Jeweller's Association (BA), theuntry's traditional tradeantion, is ready to support entrepreneurs interested in setting up factories in the jewellery sector, informed its President.
BA will address the VAT and tax issues of the intry and work to ensure policy support from the government so that the sector can flourish and live up to its potential, further claimedyem Sobhan.
He further shared, while participating the two-day jewellery expo in Goa recently, he learned that many Indian inessmen wish to invest in Bangladesh's jewellery sector to allowllaboration between the skilled designers of the former and the skilled goldsmiths of the latter.
Also, the more the intry expands, the more it will support employment generation in theuntry, claimed the BA President, mentioning a large number of Bangladeshi artns are currently working in differentuntries of the world in poornditions.
Once the intry at home is established, theuntry might get back a lion share of its skilled artns from abroad.
Addressing the existing issues of theuntry's jewellery sector, the association's President,id, "One of the biggest issues in the intry currently is the fact that no valid documents are exchanged during the purchase andle of gold at wholle, making it entirely illegal."
Sharing how BA is working to help the sector flourish, Sobhan mentioned, "The current BAmittee is dedicatedly working to develop the intry and uphold an international image of the association."
"However, to aplish it, we need to make the associationantionally strong and dynamic."
"Therefore, owners across theuntry t unite and be members of BA to eradicate the existing problems of the jewellery intry and establish order in the sector,"ncludedyem Sobhan Anvir.