In this circumstance, traders are becoming dependent on smuggled gold to keep the prices balanced, several jewellers told the Dhaka Tribune. “About 65-70% jewellery in my shop is made of smuggled gold as we cannot legally import gold,” said a shopkeeper in Dhaka’s Baitul Mukarram area which houses the largest gold market in the country. In recent years, confiscation of smuggled gold at the airports has increased due to strong vigilance of the customs intelligence. They believe that the amount of gold smuggled into the country is higher than the local demand for gold. Agarwala said to curb gold smuggling, the government should introduce a gold import policy with an SD rate that will enable traders to legally import gold at lower prices.

Source: Dhaka Tribune May 16, 2017 19:30 UTC