Bashundhara has taken an initiative to set up a gold refinery with support from     six commercial banks to set up vibrant jewellery industry and stop gold smuggling. Bangladesh Jeweller's Association (BAJUS) President and Managing Director of Bashundhaka Group Sayem Sobhan Anvir has said.He said as the country's socio-economic condition is rapidly developing. We have a big domestic market and must cater to its demand, in addition to sealing gold syndicates using Bangladesh as a big smuggling corridor.

Bangladesh has a good chance to establish a vibrant jewelry industry and Anvir said they have taken the initiative with others to materialize it. Currently, we have  25,000 jewelry stores across the country, engaging some 4.4 million people. IT may grow many times when the new initiative will start functioning. "If the sector gets the right direction from Prime Minister Sheikh Hasina and support from the banking sector, the sector has the potential to create jobs for at least 20 million people in the next five years," said BAJUS President Sayem Sobhan Anvir.SAyem Sobhan Anvir said Bangladesh's development journey can be accelerated further by establishing a vibrant jewelry industry in the country. Bangladesh once rated as a "bottomless basket" it is now advancing rapidly towards becoming a developed nation.  "It is very important to get the right direction from the Prime Minister and support from the banking sector to help the country's neglected gold industry make a major turnaround," Sayem Sobhan said.BAJUS president said, "Now, time has come for exporting gold instead of only importing gold. For this we are going to set up jewelry refinery and associated factories."  

"We've many workers across the globe working as jewelry workers. If such factories are set up in the country, they will work in our factories and vastly facilitate to earn huge foreign exchange by exporting finished goods and ornaments. " he added.Turning to gold smuggling, he said it has not been possible to stop it even after 50 years of the country's independence. He said gold smuggling is taking place every day and a vibrant local industry will be able to eliminate it.Sayem Sobhan said 90 percent gold comes to Bangladesh through illegal channels, depriving the state coffer from huge revenues. "On the contrary, the government will be able to earn huge forex from this industry once gold refinery is set up in the country.  BAJUS president said businessmen of this sector are somewhat discouraged by lack of proper direction. Currently, gold import has been legalized but businessmen are working in a tough situation.When we have established jewelry industry we can also stop smuggling, check the dodging of crores of taka in tax and will be able to create jobs for over 20 million people.

He said without banking sector's support, it is a very tough to set up a jewelry industry in the country. The government support and Prime Minister blessing is very important in this regard.A gold refinery and vibrant gold industry is important for the country when it will be a developed nation by 2041. To enter the era of gold production by refining raw materials is a truly ground-breaking achievement for Bangladesh.Anvir said he had visited jewellery industries in different countries and found many working in those countries without such job in the country. Especially many Bangladeshi artisans are working in India and Dubai.Goldsmiths working in different countries will be able to come and work here. Many skilled artisans in the gold industry are now unable to find work and leaving the profession of their predecessors.