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Why is it a rule to show purchase receipts in the sale of jewelry

Why is it a rule to show purchase receipts in the sale of jewelry?

  • Post category:Business
Bangladesh Jewelers Association (BAJUS) has issued new guidelines for buying and selling gold bars and ornaments in the country. From now on, customers will have to submit a photocopy of the national identity card and a copy of the purchase receipt of that ornament to the jewelers while selling gold ornaments and ornaments brought from abroad under the Baggage Rules.

The source of the ornament should also be reported.

  • At the same time, before buying gold, it has been advised to save the national identity card or passport-visa copy of the seller, to see the purchase receipt, to keep a nearby shop owner or worker as a witness. But suddenly why has Bangladesh Jewelers Association made such a decision? And how can it affect the customers? – The international media BBC has published a report on this. According to Bajus, jewelers buy foreign and foreign or new and old gold ornaments on demand.
  • But in some cases they have to face various legal complications. Some traders face various problems by buying gold brought from abroad under the old and baggage rules. To get rid of this complication, one should follow the instructions while buying gold. According to the instructions regarding the purchase and sale of gold bars and ornaments brought from abroad under the Baggage Rules, the trader must take photocopy of the original passport of the seller at his own responsibility. In that case, the seller should also keep a copy of the visa and exit and entry seals of the country from which the gold is brought. Along with this, the photocopy of the seller’s national identity card and the original copy of airport tax must also be kept.

Gold bars or ornaments should be purchased from the original owner.

Why is it a rule to show purchase receipts in the sale of jewelry

  • The jewelers association said that gold bars and ornaments are allowed to be brought from abroad under baggage rules for personal or family use. However, if someone wants to sell the product in need of money, they must provide proper documents. Those documents should be kept by the jeweler for three years. If any organization gets into legal trouble by disobeying the instructions, no assistance will be given from the association.
  • Soma is a little worried about how to sell those jewels in case of danger
    According to Passenger Baggage Rules 2016 of Bangladesh, maximum 100 grams of gold ornaments can be brought in duty free facility without paying tax. Besides, a passenger can bring gold bars with a maximum weight of 234 grams. For this they have to declare to customs and pay duty in case of gold bars. In case of buying such gold, the seller’s passport and visa photocopy, national identity card photocopy, airport declaration or tax payment certificate etc. should be verified.
What common people think
According to a BBC report, Soma Saha of Dhanmondi, Dhaka received about eight gold pieces of gold as a gift during her marriage. But none of it has any receipt. Even the gold jewelery gifted by the husband after the marriage was bought from the shop in his presence but the receipt was not preserved. In this regard, Soma said, “In Bangladesh, I never had to show a receipt when buying or breaking gold.” I gave money to Sacra, they made it new. But now if I have to show the receipt while selling, I don’t know where to get it.’
Like many others in Bangladesh, Soma Saha regards gold not only as a beauty item, but as a store for the future. But now he is worried about how to sell those jewels if he is in danger. Because he fears that gold jewelry can be sold at a lower price than buying. Now, if there is a shortage of documents, the buyers may want to pay even less.
What the authorities say
Enamul Haque Khan, chairman of anti-smuggling and law enforcement department of Bangladesh Jewelers Association, said in an interview to BBC, ‘Theft and robbery has increased a lot recently. We have given this notification so that these stolen or stolen gold cannot be bought and sold. With that the source of the gold coming to us will be clear. We have taken this initiative not to encourage gold trading or buying and selling of gold, but to legalize this business, to bring it within the rules. He said that gold in Bangladesh gold business mainly comes from old gold and imported gold. The government also has to declare the purchase of old gold. But there are many complaints about buying and selling such gold. Many times traders get into legal trouble by buying illegal gold. As a result, if such rules are followed, the source of gold will be clear, illegal sellers will not dare to steal or sell gold.
But in response to the question whether ordinary customers will be in danger, Enamul told the BBC, ‘We talked about the receipts. But we also know that many customers in Bangladesh may not keep receipts. In that case they must provide documents. For example, we can verify the real owner from lost receipt GD, identity card, home address, telephone number-etc. Basically, we want to buy gold from the original owners, if necessary to identify them. In fact, only the original owners will benefit. As a result of these rules, no one will come to steal and sell gold. And if any of our members do it, we will not take any responsibility for them.’