Gold prices are at record highs in the country's market. Buyers are having to pay more than 1.7 million taka (including VAT and labor) to buy a single piece of good quality gold jewelry. Due to the abnormal price, the sale of gold jewelry has declined. Many traders have been forced to reduce their workforce. Traders are also afraid that several jewelry establishments will close after Eid.

They say that the country's gold market is in turmoil now. All types of jewelry companies, big and small, are raising prices in a hurry and are facing a serious buyer crisis. There is almost no sale of gold jewelry even on the occasion of the upcoming Eid-ul-Fitr. Sales have decreased by more than 70 percent compared to other years.

Traders also say that the price of the product in the domestic market is increasing due to the abnormal increase in the price of gold in the world market. There is currently a kind of uncertainty due to the global political context, war situation and economic crisis. The price of gold is increasing due to this instability. Because, many countries are keeping gold as a reserve as a safe haven.

A few years ago, a gold bar was found in the country for 50,000 taka. At that time, it was a tradition to gift gold ornaments to close relatives on auspicious days like the birth of a new child, marriage, birthday, Muslim wedding, rice in the mouth of a child. Now that situation is not there. Even if you try to make a ring with two annas, it now costs 30,000 taka. Many people are happier to give 20-25,000 taka in cash. As a result, gifting gold ornaments on various occasions has almost stopped. Many businessmen share this opinion.

Visiting jewelry establishments in different areas of the capital, it is seen that most of the establishments have no customers or visitors. Salespeople of many establishments are spending hours and hours idle. As a result, there is no smile on the faces of the salespeople of jewelry establishments. Many are suffering from the fear of losing their jobs.

The Bangladesh Jewelers Association (BAJUS) is responsible for determining the price of gold in the country's market. This organization of gold traders recently determined the new price of gold in the country's market on March 19. Currently, gold is being sold in the country's market at this price.

Currently, the price of a 22-carat gold bar of the best quality is 154,945 taka, 21-carat is 147,900 taka. In addition, a 18-carat gold bar costs 126,776 taka. And a 22-carat gold bar of the traditional method is being sold for 144,498 taka.

The rules for selling gold jewelry have been set by adding 5 percent VAT and a minimum wage of 6 percent to this price of gold. In this, VAT on a good quality gold jewelry is 7 thousand 747 taka. And the wage is 9 thousand 297 taka. As a result, buyers have to pay 1 lakh 71 thousand 989 taka to buy a good quality gold jewelry.

Soheli Akhter came to buy a gold ring at Baitul Mukarram Market. After visiting a few shops, she became disappointed and left without buying the ring. While leaving a shop, she told, "My only sister-in-law's son is Muslim. So I thought of giving a ring as a gift. But a small ring is not available for less than 40,000 taka. The ring that is being asked for 40,000 taka is very thin. Such a thin ring cannot be given as a gift. So I am leaving without buying it. It is better to give a gift of 20-30,000 taka in cash."

Md. Khairul Hossain, a salesperson at a shop in the market, said, "There is absolutely no sale of gold jewelry. We keep the shop open, but no buyers come. Sometimes one or two come, but there is no sale. Most of them go around and leave without buying. We are in a very bad situation. Many people are spending their days in fear of not having a job. If there is no business, the owner will not pay us any more."

Former president of Bajus, Wadud Bhuiyan, told, "Our sales situation is very bad. The current price of gold jewelry has reduced people's purchases. Earlier, gold jewelry was given as gifts to close relatives on various occasions. Now it is not very common. Because, buying a two-anna ring costs around 30,000 taka. Again, these two-anna rings are not very strong. People are happier if they give 20-25,000 taka in cash."

He said, "The increase in the price of gold is not in our hands. It is completely dependent on the global market. The price of gold in the world market has increased at an abnormal rate. As a result, the price of gold in the domestic market has also increased. And due to the excessive price, people have reduced their purchases. Sales have decreased in all types of establishments, big and small. Many have been forced to lay off workers due to lack of sales. And Eid is just a few days away. But there are still no buyers in the jewelry establishments. We fear that many jewelry establishments will close after Eid."

Masudur Rahman, chairman of the BAJUS Standing Committee on Pricing and Price Monitoring, told, "The price of gold has increased in the global market due to various reasons including geopolitics, war situations, and economic uncertainty. The reason for the uncertainty is that different countries of the world are storing gold as reserves. Due to the increase in the price of gold in the global market, it has also increased in our country."