Bangladesh's domestic gold market is turning higher again after a series of reductions earlier this month. The latest revision lifts the price of 22-carat gold by Tk 2,216 per bhori from 10am on 28 October, while silver rates remain unchanged.
Highlights
- Bangladesh Jewellers Association increased 22-carat gold prices to Tk 223,074 per bhori after refined gold costs rose in the local market.
- The price hikes reverse part of the four consecutive reductions in October, which had lowered 22-carat gold by Tk 10,439 per bhori.
- Silver prices remain unchanged, with 22-carat silver held at Tk 3,849 per bhori including VAT under the latest rate revision.
Revised jewellery rates take effect
As reported by The Business Standard, citing the Bangladesh Jewellers Association, the new pricing comes after refined, or tejabi, gold became more expensive in the local market. Under the revised rates, 22-carat gold sells at Tk 223,074 per bhori including VAT.The price of 21-carat gold rises by Tk 2,100 to Tk 213,043 per bhori, while 18-carat gold increases by Tk 1,750 to Tk 182,950 per bhori. Gold under the traditional method also moves up by Tk 1,458 to Tk 149,474 per bhori.
Market context and silver pricing
Before this increase, BAJUS cut gold prices four times in succession on 13, 22, 23 and 25 October. Those reductions lowered the 22-carat rate by a combined Tk 10,439 per bhori, making the latest move a partial reversal in the domestic market.Silver prices do not change under the latest revision. The new rate keeps 22-carat silver at Tk 3,849 per bhori including VAT, with 21-carat silver at Tk 3,674, 18-carat silver at Tk 3,149 and traditional-method silver at Tk 2,391 per bhori.
Our earlier article on Richemont’s talks to join a consortium bidding for De Beers explained how the Cartier owner could deepen its role in the diamond supply chain. We noted that a successful deal could give Richemont greater control over diamond supply at a time when the mining industry is emerging from a slump, potentially strengthening sourcing for brands like Cartier and Van Cleef & Arpels.
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