The news of Indian company Malabar Gold & Diamonds on doing business in Bangladesh has raised concerns among those involved in Bangladesh’s gold industry.
Panic has spread, especially among goldsmiths and factory owners. They think that if the Indian company Malabar brings readymade jewelry to Bangladesh and trades here, millions of goldsmiths involved in this industry will lose their jobs.
All the jewelry factories that are more than a hundred years old will be closed. At the same time, the possibility of exporting Bangladeshi jewelry in the global market will be ruined.
It is learned that Malabar Gold & Diamonds announced to do business in Bangladesh at the 3rd Bangladesh Economic Forum held in the second week of last month. Although the company has its main business office in Dubai, the Indian company said it will bring gold jewelry worth 100 million USD to Bangladesh in the next three to five years.
Ameer CMC, Director of Finance and Admin of Malabar Gold & Diamonds, made the announcement at a forum held at the Movenpick Grand Hotel in Dubai.
The country’s goldsmiths and factory owners have become panicky after Malabar’s announcement. They said that those involved in the country’s gold smuggling ring and conspiracy to destroy the gold industry are fueling Malabar to come to Bangladesh. The country’s goldsmiths and factory owners announced to stop Malabar from coming to Bangladesh at any cost to save the country’s gold industry and make it export-oriented.
Dinesh Chandra Pal, general secretary of Dhaka Goldsmiths Workers’ Union, said that an unscrupulous group is involved in smuggling foreign readymade jewelry.
They want foreign readymade Jewelers to come and do business in Bangladesh. This cycle wants to destroy the potential gold industry of Bangladesh in the international market. Now they are conspiring to bring Indian company Malabar to Bangladesh.
He said that at present local artisans do not get jobs as readymade jewelry comes from abroad. For this, goldsmiths are moving to other professions.
Dinesh Chandra Pal said, “We have sent letters to different ministries of the government at different times to stop bringing readymade jewelry. We have repeatedly requested the government to give the opportunity to the country’s gold industry to become the main export product after garments.”
Sankar Basak, senior vice-president of Dhaka Goldsmiths Workers Union, said the country’s gold industry would come to an end if any foreign company comes to the country with readymade jewelry. The government must move away from such initiatives.
“Our government will also have the opportunity to earn a thousand crores of taka a year by giving the opportunity to export gold ornaments made by the artisans of the country without giving opportunity to foreign companies” he added.
Ganga Charan Malakar, president of the Dhaka Goldsmiths Workers Union and founder president of BAJUS, said Dubai is the main market for gold exports around the world. There are showrooms in all countries except Bangladesh.
“The success of this industry will not come as long as we do not start exporting gold jewelry. The government’s export income will not increase. The government should not bring business opportunities to foreign companies in this country, but should give us the opportunity to export the jewelry we have made. We will bring more export earnings to the government than garments,” he added.
