The Bangladesh Jeweller's Association (BAJUS) has revised up the rate for exchanging gold ornaments to 10% from 9%, and has permitted traders to deduct 15% of the original price when buying older gold from consumers with cash.

Comapred with the previous rate, people would have to pay with 1% more gold for exchanging their used or old gold items with other gold items at a jewellery store in the country. Similarly, people would get 2% less than the previous rate when seeking to make money by selling their gold.

The trade body also fixed the minimum wages for processing ornaments at 9% during a executive committee meeting held recently, said a press release issued Tuesday.

Jewellers in India charge 12% wages for processing gold ornaments while 8% is charged in Sri Lanka, 20% in Italy, 30% in Hong Kong, 35% in Malaysia, 20% in Australia, 6% in the United States, and 14% in the United Kingdom.

From now, BAJUS will receive complaints and suggestions related to jewellery businesses at [email protected], the press release read.

BDST: 2139 HRS, MAY 14, 2024
MSK