The New Nation - Internet Edition

DUE to continuous soaring of gold price at local and international markets in recent years, Bangladesh's gold traders, mainly smaller ones, are facing problems as their sales have fallen drastically. Jewellery shops in cities and elsewhere in the country largely depend on the middle and low-income groups of customers for their sales. The groups of people usually buy gold ornaments on rare occasions now as the price of the precious metal has gone beyond their reach. Small gold traders in the city say, the fall, on an average, in the sales is about 60 per cent.

One gold trader in the city was quoted to have said he could sell gold ornaments worth Tk 10,000 to 15,000 per day two years back but now sales have come down to a bare minimum level. The customers who used to buy small gold ornaments as gift items on various occasions have switched over to electronic appliances, gift vouchers and prize bonds. According to reports, gold price hit Tk. 26,300 per 'bhori' (11.66 grams) at the city markets after increase twice in past two months. The association, however, put logic that the gold price was increased 'to adjust' with the international market rate.

Many small gold traders are reportedly now selling ornaments made of 'silver and imitation' jewelleries at their shops as a large segment of the regular customers are going for them because of unusual higher price of gold. One of the biggest jewellery markets in the capital, Chandni Chawk near the New Market, had a few silver jewellery shops a year before. But now there are now a number of silver jewellery shops there. Many traditional goldsmiths in the old part of the city and elsewhere in the country are changing their profession mainly due to hardship caused by higher price of gold and shrinking of the ornament market.