Shining with gold

In the Copper Age, gold artisans and goldsmith embarked on the metallic history and artistic demand of gold, even Egyptian hieroglyphs of 2600 BC described the value of gold. Romans were pioneer on extracting gold by using hydraulic mining method and during the 19 century the new economic trend of gold rush started in Australia, America, Latin America and Africa.

Professor Zulekha Haque wrote one of her article “Within the coming of the Muslims during 13th the century, new fashions and designs came from other parts of the subcontinent to persuade the art of jewellery especially gold and silver of Bengal. Similarly, the patronage of the Mughal Subadars, their courtiers and the legendary gentry who formed the aristocracy of Bengal, the art of jewellery flourished and gold or silver smith, the enamellers and the stone setters began to create their masterpiece”.

European travelers, who visited various parts of the Mughal Empire, were amazed at the amount and profusion of gold jewellery used by people of that time. Francois Berner, a famous French traveler who visited Bengal towards the middle of the 17 century , remarked that “ the empire was an abyss of gold and silver which were melted and remelted , fabricating woman’s bracelets both for hands and feet , charms , earrings , nose and finger rings etc. the quality of these articles made is incredible.”

History of Banking put up with satisfactory acknowledgment that the Goldsmiths are the forefathers of modern banking.The Bengali name of the occupation is derived as a compound of two words swarna (gold) and kar (worker). They produce innumerable silver or gold jewellery such as churi (bangle), bajuband (armlet), har (necklace), hansuli (ornament for the neck), sinthipati (ornament put on the head in the parting of hair), dul (earring), kanpasha (ear ornament), nolak (nose-ring), nath (big nose ring put on the nostril), nakchhabi (small star-shaped ornament put on the nostril), mal (anklet) etc.
According to world gold council information, around the world 80% of the total gold design workers are Bengali. The sector has created employment of over 30 lakh people for meeting the domestic demand. According to a report of AFP, there is around 400 gold shops and factories at the Tanti bazaar, a historic mohallha of old Dhaka , most of which have been run by Hindu goldsmiths since the market was founded in the 18 century.
Bangladeshi traditions are to give gold ornament to mostly wedding gift, and also in any religious or social occasional purpose. But in recent time sky-high prices of gold have stopped people buying gold ornament. “The middle class and even the rich people stopped buying gold ornaments for wedding gifts” said Anwar Hossain , President of Bangladesh Jewellery Manufacturers and Exporters Association and chairman of Bangladesh institute of design .
Presently, the annual market size of gold jewellery is around Tk 3,000 crore, but gold jewellery sales dropped by more than 50 percent in the past three years. The local consumption has declined to 10-12 tonnes a year then five years back and so the annual turnover of the jewellers has also marked a fall. Gold price have dropped slightly from their peak in December, they are still too high for of Bangladesh’s normal buyer.
Small gold jewellery makers, designers and traders now increasingly go for producing silver jewellery, as demand for alternatives, including silver and gold-plated jewellery is growing fast. The goldsmiths have spoken out that condition of business is not acceptable and surpassing a transition period. At the Tanti bazaar today , the only business that are thriving are the pawnshops as people are effected by the impact of the global recession come to mortgage their assets for much needed cash.
Deep economic recession all over the world in 2008 has also affected in gold market, volatile and unprecedented Price hiking in international market for the last five years has shaken this business seriously. On the other hand, some fast developing countries like India and china have reserved huge amount of gold in stead of dollar.
Despite having it’s price hiking , India is ruling on corporate thinking and branding .Even traditional jeweler makers like Notandas & Sons in the western city of Mumbai and P.C. Jewellers in New Delhi have signed up Bollywood heroines as brand ambassadors and also lend their products to contestants in beauty pageants. Amit Bumb, director of Avenue Montaigne, India's largest branded jewellery retail outlet, recommends the shift toward brands reflect social changes, but also new ways of viewing gold. Famous companies in Western jewellery such as DeBeers, Tiffany and Cartier have also moved into India since 1997 when overseas banks and bullion suppliers were allowed to import gold.
Gold business is passing through a hard time even in this wedding season, though we don’t have too much to control the price, because it depends on international demand, moreover our making charge is highest in the world, due to hand made making process, “our artisans are taking 22% making charge on an ornament which is the highest in the world, because they process every part & component of an ornament by hand” said Anwar Hossain. If we can introduce modern machinery which are using in India, we can reduce making charge which will also affect the price of an ornament, he added. So, modernization of ornament making process can help to reduce a portion of price which will give a bit relief for our consumer. He is also expecting government should implement export policy which can formulate the possibility of exporting our gold jewellery to foreign countries since the global market as the size of international jewellery export market is 115 billion US dollars.
“Bangladesh has been using KDM process for last two year which constructs a positive impact on jewellery business”. Mr. Alamgir Khan, Executive Member of Bangladesh Jewelers’ Association added. KDM is used in soldering of gold jewelry for its good properties of liquidity and melting at lower temperatures. He further adds “Research and development can noteworthy outcome, seeing that fast developing countries like India and china are doing research based work for the standardization of quality gold product. Importance of media especially directors and producers of drama cinema along with training among artisans and designers by world class gold expert and consultant are another innovatory process to enhance the gold business”
According to the International Monetary Fund, about 15,000 tonnes of gold are privately held in India. Demand remains strong despite new records being set for the price of the metal on an almost daily basis. “There is a tectonic shift in the business now. If you want your gold jewellery business to survive -- brand it and advertise," said Sandeep Kulhali, vice president of Tanisq, one of India's oldest branded retail jewellery chains, owned by the Tata conglomerate.
Engr.A.M.M.S.H Khan Rizvi, Director of Bangladesh institution of Design and executive member of Bangladesh Jewellery Manufacturers and Exporters Association is thinking similarly “While India is thinking on brand wagon, we are still in primitive technology and traditional conception. Branding is macrocosmic trend for any industry in 21st century”.
About India’s market expanding in Bangladesh he thinks it would be positive impact on our gold business industry. “As a citizen of globalize village, we can not keep away competitive environment and capitalistic movement. If they appear in business, our total attitude would be changed for our existence. Professionalism and corporate ideology would be magnificently changed the gold business of Bangladesh. Gold merchandizing, gold executive, trade union of goldsmith and other professional procedures should be applied in this arena”.