BAJUS eyes $7bn jewellery export boom by 2031

The Bangladesh Jewellers Association (BAJUS) has set an ambitious target of earning $7 billion annually from gold and diamond jewellery exports by 2030-31, seeking to transform the country’s jewellery sector into a modern, transparent and export-oriented industry.

The organisation also aims to make jewellery Bangladesh’s second-largest foreign exchange-earning sector after ready-made garments.

BAJUS President Enamul Haque Khan outlined the plan in a written statement at the BAJUS Jewellery Fashion Carnival-2026 held at a venue in Dhaka on Saturday (August 22).

Commerce Minister Khandaker Abdul Muktadir attended the event as chief guest, while Water Resources Minister Shahid Uddin Chowdhury Anee and former National Board of Revenue chairman Abdur Rahman Khan were present as special guests.

According to BAJUS, the organisation, established in 1966, currently represents around 40,000 jewellery businesses and 400,000 skilled artisans, with nearly 2.8 million people directly and indirectly dependent on the sector for their livelihoods.

Welcoming tariff and VAT concessions in the proposed 2026-27 budget, BAJUS said the sector should now move beyond domestic reforms and focus on taking high-quality Bangladeshi jewellery to international markets.

The association said simplifying the import process and eliminating existing disparities could reduce the price of jewellery in the local market by at least Tk 30,000 per bhori.

It also projected that full implementation of the Gold Policy 2018 (Amended)-2026 could generate an additional Tk 2,000-2,500 crore in annual government revenue. Allowing undisclosed gold holdings to be declared against a one-time fixed fee could bring another Tk 500-700 crore in one-off revenue while helping create a digital database of the country’s gold reserves, it said.

As part of its long-term plan, BAJUS aims to establish 500 modern jewellery factories by 2030, creating direct employment for around 50,000 people and indirect jobs for another 100,000. The association estimates the initiative could add 0.5 percentage point to GDP.

To support the expansion, BAJUS has sought allocation of 10 bighas of land near Dhaka for a specialised economic zone called ‘Swarnapalli’. The proposed zone would house modern jewellery manufacturing facilities as well as specialised diamond-processing units.

BAJUS has also called for an update to the 2006 regulations on rough diamonds and urged the government to align duties with those imposed by neighbouring countries.

The association believes establishing diamond-processing facilities at Swarnapalli could create 5,000-10,000 jobs and help Bangladesh earn $2 billion annually from diamond jewellery exports alone by 2031.