Bajus cuts exchange, purchase rates of gold jewellery
The minimum wage for the sale of gold ornaments has been set at 6%
The Bangladesh Jewellers Association (Bajus) has reduced the exchange and purchase rates of gold jewellery.
According to Bajus, jewellery shops will deduct 10% of the value for exchanging customers' gold ornaments.
Besides, jewellers will cut 15% while purchasing old gold ornaments from customers, reads a press statement issued today (14 May).
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The rates have been reduced for the convenience of buyers as per a decision of a recent executive committee meeting of Bajus.
Previously, the deduction rate for exchanging gold ornaments was 9% while the deduction rate for purchasing from the customers was 13%.
Besides, in line with the global market, the minimum wage for the sale of gold ornaments has been set at 6%.
The deduction rate while selling gold is 12% in India, 8% in Sri Lanka, 15% in China, 20% in Italy, 30% in Hong Kong, 35% in Malaysia, 20% in Australia, 6% in the United States, and 14% in the United Kingdom.
Bajus has requested all jewellers across the country to follow the new rules.
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