The Bangladesh Jewellers Association (Bajus) has raised the price of gold in the local market, with the new rates taking effect from 10am on Saturday.
The decision was made at a meeting of Bajus's Standing Committee on Pricing and Price Monitoring earlier in the day.
According to a Bajus notification, the price of 22-carat hallmarked gold has been set at Tk20,065 per gram, including VAT. Accordingly, the price of one bhori (11.664 grams) stands at around Tk234,800, excluding labour charges, which will vary depending on the design.
The price of 21-carat hallmarked gold has been set at Tk19,165 per gram, while 18-carat gold will cost Tk16,455 per gram. The price of traditional gold has been fixed at Tk13,445 per gram.
New silver prices
Bajus has also revised the prices of silver ornaments.
According to the new rates, 22-carat hallmarked silver will cost Tk420 per gram, including VAT, while 21-carat and 18-carat silver will cost Tk400 and Tk345 per gram, respectively. Traditional silver has been priced at Tk260 per gram.
VAT included in prices
Bajus said VAT is already included in the fixed selling prices, meaning jewellers cannot charge customers additional VAT when selling gold or silver ornaments.
However, labour charges will apply depending on the design and type of jewellery.
The association said its existing rules regarding the exchange and purchase of gold and silver jewellery will remain in effect, apart from the fixed VAT, labour and stone charges.
Rates effective until further notice
The new prices will remain effective at all jewellery shops across the country until further notice, Bajus said.
The notification was signed by Dr Dewan Aminul Islam Shaheen, chairman of Bajus's Standing Committee on Pricing and Price Monitoring.
Bajus regularly adjusts gold prices based on international and domestic market rates, the price of pure gold and overall market conditions.