Guyana will be seeking to gain a foothold in Barbados for the sale of Guyanese-crafted gold jewellery from May, Minister of Tourism Industry and Commerce Oneidge Walrond announced on Friday, while assuring craftsmen that government is committed to assisting the sector in finding new markets.
Speaking to a small group of jewellers who attended a meeting organised by the Ministry of Natural Resources, Walrond presented the opportunity to local jewellers and goldsmiths. “We want them to get better and make the industry more competitive and I presented to the jewellers and goldsmiths the opportunities government has been making and preparing for them,” she said afterward.
The meeting comes months after the announcement by President Irfaan Ali of plans to establish a Guyana gold market hub in Barbados. Since his announcement, the meeting was the first interaction with jewelers, who are excited about the possibilities the initiative presents.
Walrond explained that while the modalities are being worked out for the fruition of the agreement, the plan is to springboard off of an upcoming trade show orgainsed by the island state.
“Barbados is planning [an international trade expo] in May and that we will be using to springboard the launch of the Guyana food terminal and also use to market our gold products. It will be a tremendous opportunity for Guyana to get its products on showcase there and continue afterwards,” Walrond explained.
The Minister disclosed that she will be travelling to Barbados during the course of this week to iron out the details of the agreement and field ideas what they envision the hub could cater too.
She pointed out that a decision has to be made on the marketing aspect of the gold crafted for sale there.
“…we would like to take [jewellery] from as many [jewellers]. The more supply we have the better, but they will have to set themselves up in a body and say if they want to have individual stands or whether they will sell as a body… we have to work on that… it doesn’t matter how we sell it because everybody knows Guyana has quality gold and craftsmanship…,” she said.
Follow up meetings are expected to be held soon to finalise the terms of operation.
Jewellers familiar with the Bajan market related to this newspaper that there is vast potential for a viable market on the island.
With foreigners travelling to the country daily via flights from Europe, as well as on cruise ships, the local jewellers are optimistic the venture will be a success with government’s support.
They noted that one of the challenges they face currently is export protocols which they explained are tedious. “I think it is a great opportunity. Guyana is known for our gold… I think it is very important we come together as jewellers and as goldsmiths and realise the opportunity presented in front of us and grab it with both hands,” jeweller and former West Indies under-19 cricketer, Steven Jacobs remarked.
From his interactions with his counterparts on the island, he has observed that there is a vast potential market and many persons are excited to know that Guyana will be establishing a presence there.
Azad De Abreu, another local jeweller who is somewhat knowledgeable of the market, having participated in previous trade shows, opined that this unique opportunity should not be missed.
He stated that this opportunity serves as a lifeline to the sector, which has been underperforming on the local market.
“I would have like for this engagement to have been three years ago. The industry is dying… the effort to come back to what we were known for is going to take a lot… but we have to start from somewhere and try and see how we can somehow revive it,” he remarked.
Proprietor of Raj Jewellery, Raj (only name given), said such an opportunity is perfect for small jewellers to expand their business. He added that apart from the opportunity to generate income, jewellers will also have the motivation to improve the quality of their products to compete at a higher level.
With the improved quality of products on the export market showcased in Barbados, the local jeweller contended that new doors can be opened to them in different countries to market their products.
Moreover, the jewellers were informed that plans are underway for a hallmarking programme to certify gold products produce here which conforms to all legal standards of purity or fineness. The Guyana National Bureau of Standards (GNBS) is working with the Indian High Commission to have a team from India here from the Bureau of Indian Standards to conduct the exercise.
Hallmarking Guyana’s jewellery will significantly improve the product quality and assure buyers that they are receiving top tier products.
During President Ali’s visit to the island for the United Nations Conference on Trade and Development (UNCTAD) last October, both countries discussed the possibility of adding value to Guyana’s gold by creating a gold market hub concept in Barbados.
Explaining the rationale behind it, President Ali said that in some Caribbean countries cruise ships would dock there specifically for the gold market.
“That is what we are trying to create. Barbados is a major cruise destination and we’re working on the possibility of adding value to Guyana gold and creating a gold market hub concept in Barbados. Prime Minister Mottley and I committed to having a timeframe through which the results of this enhanced partnership will be felt by the population of both countries,” he said.
“So, in Barbados, for example, you have some capacity in the craft of jewellery making and in Guyana we have that capacity as well. So we have to now expand that capacity because we have to create a win-win situation.
“As you know, the mechanism as to how the market will be established, the type of incentives that will have to be given, the type of tax regime that will have to be established, those are the things that have to be ironed out now that we have identified this as an area of cooperation and collaboration. But the drivers of this, after we have established the vehicle, would be the private sector,” Ali related during a press conference.
