In a recent executive committee meeting, the Bangladesh Jewelers Association (BAJUS) made significant revisions to the exchange and purchase rates of gold ornaments. Effective immediately, the minimum wage for purchasing gold ornaments has been reduced to 6%, along with adjustments in deduction rates for purchases from customers.
Under the new rules, the gold exchange rate stands at 10%, while a 15% deduction will be applied during the purchase of gold from customers. Previously, jewelers deducted 9% for exchanging gold ornaments and 13% for purchases from buyers.
This decision, highlighted in a press release issued on Tuesday, aligns with global standards. Notably, other countries have varying minimum wage rates for purchasing gold ornaments, such as India (12%), Sri Lanka (8%), China (15%), Italy (20%), Hong Kong (30%), Malaysia (35%), Australia (20%), the United States (6%), and the United Kingdom (14%).
