Gold and silver prices in Bangladesh have fallen sharply following a fresh price adjustment by the Bangladesh Jewellers Association (BAJUS), effective from 10:00 AM on Saturday (October 31). The price of 22-carat gold dropped by Tk.4,482 per bhori and bringing the new price down to Tk.2,17,592.
BAJUS attributed the price cut to a drop in pure gold (Tejabi) prices in the local market. Under the revised rates the 21-carat gold is fixed at Tk.2,07,794 per bhori, 18-carat at Tk.1,78,459 and traditional method gold at Tk.1,45,000. Standard making charges apply with VAT included in the final sale price. Silver prices were also slashed with 22-carat silver now priced at Tk.4,175 per bhori.
Meanwhile, the National Board of Revenue (NBR) has enlisted Deputy Commissioners (DCs) nationwide to tighten oversight on jewellery businesses to curb widespread VAT evasion. In a directive issued by the revenue authority, DCs have been instructed to verify that applicants hold a valid Business Identification Number (BIN) before issuing or renewing gold-dealing licenses. DCs must also submit lists of all licensed traders to respective VAT commissionerates to link licensing with tax compliance.
The crackdown follows the government's shift to a fixed-rate VAT system this fiscal year Tk.2,500 per bhori for gold/platinum Tk.100 for silver and Tk.2,500 per carat for diamonds replacing the previous 5% tax. NBR officials emphasized that mandatory e-BIN registration and strict monitoring aim to bring the largely informal sector into compliance also warning that failure to register or file monthly returns will incur steep penalties.
