Diamond World Managing Director Dilip Kumar Agarwala has been dealing in smuggled diamonds for over a decade.

Agarwala, a member of the industry and trade sub-committee of the Awami League, is also accused in cases filed over the killings of students during the recent Anti-discrimination Student Movement.

When asked where and how the diamonds come from, Diamond World sales staff could not answer.

According to National Board of Revenue (NBR) sources, diamonds and diamond jewellery worth around Tk100 crore were imported from 2003 to 2018.

There was no more import of diamonds into the country. Jewellery companies imported diamonds in two consignments in 2019 and 2020 for industrial use.

Bengal Diamond Limited is the only cutting and polishing factory importing rough diamonds in 2021.

Kaya Cosmetics Limited imports a small consignment. Two companies imported diamonds in 2022. A consignment was imported by BRB Cable Industries for industrial use.       

Dhaka’s Jewellery House imported another shipment with a declaration of $55,000.

According to traders, the diamond market in the country has grown day by day even though there was no import. There are hundreds of shops selling diamond jewellery.

So, diamond jewellery is also sold in gold shops. The government has no accurate statistics on how much diamond jewellery is sold annually in these shops.

According to an organisation that surveys the country’s diamond market, diamond jewellery sales are worth Tk18,000 -20,000 crore annually.

If the average market is calculated, it is about Tk15,000 crore annually. There is no opportunity to import diamonds under the baggage rule.

NBR data shows most diamonds were imported in the last 20 years. Over 65% of the world’s diamonds are cut and polished in Surat, Gujarat, India.

Traders said diamonds are coming illegally. In 2021, The Border Guard Bangladesh (BGB) seized 144 diamond jewellery worth Tk2.25 crore on the Satkhira border. In 2018, diamond jewellery worth Tk70 lakh was seized.

Dilip Kumar Agarwala brought these diamonds to the country by evading customs duty.

Tax on rough diamond import is 89 per cent without a bond facility. The tax on the import of smooth diamonds is 151 per cent which was evaded.

In the last 20 years, the government has received nominal revenue from the import of this precious gem.

One carat (0.2 gram) diamond price is worth Tk79,000 while the lowest (0.10 carat) diamond price is Tk7,914. In Bangladesh, diamond ornaments, including knuckles, are sold below Tk1,000.

These are high-quality pieces of glass. Even though it is not imported, now an average of Tk6,000 crore worth of diamond jewellery is sold in the country. Gold is used to make diamond jewellery. These precious gems are placed on gold. The tangle of gold import has already opened.

Traders say that with the opportunity to bring jewellery up to 100 grams, diamond traders are bringing more weight of diamond jewellery from India and Dubai.

NBR officials should check the documents to determine how these are imported. Only then will the real secret come out, banglanews24.com reports.

bd-pratidin/GR