The domestic cost of precious metals has soared after the Bangladesh Jewellers Association (BAJUS) introduced a sharp rate hike, setting 22-karat gold at BDT 232,930 per bhori, including VAT, following a steep surge of BDT 9,856.

As stated in an official release from the organization, the updated tariff structure took effect starting at 10 am on Thursday.

Explaining the revision, BAJUS said the decision was taken in line with the rising price of pure gold in the local market, which prompted the overall price adjustment.

Under the updated structure, 21-karat gold will now cost BDT 222,491 per bhori, 18-karat gold BDT 191,056 per bhori, and traditional gold BDT 156,064 per bhori, all inclusive of VAT, the notification said.

The revised prices will remain effective at all jewellery outlets until further notice, BAJUS said, adding that making charges will apply separately depending on the design of the ornament.

Clarifying tax obligations, the association emphasized that since VAT is already included in the sale price of gold and silver jewellery, it cannot be collected separately from customers.

Furthermore, the existing BAJUS rules for exchange and purchase of ornaments, excluding specified VAT, making charges and stone costs, will remain unchanged.

Prior to this move, the most recent rate change occurred on July 31, when the price of 22-karat gold was increased by BDT 2,216 per bhori to BDT 223,074, including VAT.

During that period, 21-karat gold was priced at BDT 213,043 per bhori, 18-karat at BDT 182,950, and traditional gold at BDT 149,474 per bhori, effective from 10:30 am that day.

Following Thursday's announcement, the price of gold has been adjusted 98 times so far this year in the domestic market, with 48 upward revisions, 49 downward revisions, and one VAT-related adjustment, according to BAJUS data.

Concurrently, silver prices experienced an upward revision. The rate for 22-karat silver jumped by BDT 292 to reach BDT 4,899 per bhori, inclusive of VAT.

Meanwhile, the price of 21-karat silver was set at BDT 4,666 per bhori, 18-karat at BDT 4,024, and traditional silver at BDT 3,033 per bhori.

Reflecting volatile market conditions, so far this year, the price of silver has been adjusted 61 times, with 31 increases and 30 decreases, BAJUS said.