The government has launched an initiative to transform the domestic gold sector from an informal trade into a formal, recognized and accountable business sector, according to Commerce Minister Khondaker Abdul Muktadir.
A draft 'Gold Policy 2018 (Amended) 2026' has been circulated, and government agencies and stakeholders have been asked to submit written opinions by Sunday.
The minister made the remarks at a meeting on Thursday at the Commerce Ministry's conference room in the Secretariat, chaired by Commerce Secretary Md. Ataur Rahman.
He said the sector has long played an important role in the economy but lacked a proper policy and regulatory framework, and the government now wants to bring it into a formal and institutional structure.
Formalization would create employment, boost legal imports, increase revenue collection, and improve transparency in gold stock and transactions, he said.
He said every step of legally imported gold – purchase, sale and stock – must be recorded and kept under regulator monitoring.
The policy will consider not only imports but also value addition, local manufacturing of gold ornaments and export, and the government will review the policies of three to four gold-exporting countries including India before finalizing.
The minister said the government does not intend to push the sector into a new crisis, and that after collecting opinions, another meeting may be held before finalizing the policy.