Egypt-based precious metals trading company Gold Era is planning to open a new factory to produce alloys and gold artifacts in Cairo at a total investment of one billion Egyptian pounds ($32 million) as part of its plan to expansion and product diversification plans for 2024.
Chairman John Luca told Zawya Projects that company will invest EGP500 million ($16 million) to develop production capacity in the 50 to 100 kilogrammes per day range for alloys and gold coins, and another EGP 500 million in a new line to produce gold artifacts.
He noted that the company has an existing production line for ingots and gold coins in various weights and sizes ranging from a quarter of a gram to a kilogramme. The package and products bear the seal of Egyptian Stamp and Scales Authority to ensure the accuracy of weight and carat. In addition, they have a QR code that includes all the product data and ownership sequence to preserve the owner's data in case of loss or theft.
Luca added that Gold Era owns several branches in Egypt, two branches in the UAE, and a branch in Saudi Arabia in Riyadh. The company plans to open two new branches in Jordan and Qatar next year as part of its overseas expansion plan.
He pointed out that Gold Era offers its customers the opportunity to sell its ingots inside and outside Egypt, as the company has several branches in foreign markets. Moreover, customers can benefit from the cashback feature when purchasing Gold Era ingots from the UAE or Saudi Arabia and selling them in Egypt as the local market does not offer customers cashback on imported alloys and gold coins.
Osama Zarai, Branch Manager of Gold Era Egypt said the company plans to open two new branches next month, in Tanta and Mansoura respectively, bringing the total number of branches in Egypt to about 10. He said the number of branches will be increased to about 18 in 2024.
An Egyptian joint-stock company established in 2020, Gold Era is a manufacturer of alloys and gold coins and a gold importer and exporter.
(1 US dollar = 30.90 Egyptian pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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