The Barbados-Guyana Gold Exchange is moving closer to becoming a reality. Last weekend, as a forerunner to the operationalization of the Gold Exchange, four stakeholders from the Guyanese Private Sector successfully displayed and sold gold jewelry at Agrofest 2022.
The hundreds of patrons attending Agrofest had the opportunity to visit the Queen’s Park Gallery exhibit and purchase some of the exquisite pieces on display, including rings, chains and earrings. The exhibition featured world-class Guyanese gold jewelry and ran on Saturday, May 28 and Sunday, May 29, from 9:00 a.m. to 4:00 p.m. each day. Before opening to the public, there was a private viewing on Friday evening for specially invited guests, including Prime Minister the Honorable Mia Amor Mottley and President of Guyana, His Excellency Dr. Mohamed Irfaan Ali. The viewing followed the opening ceremony of Agrofest, where Dr. Ali was the featured speaker.
The exhibitors were – Steve’s Jewellery, R. Sookraj Jewellery, Jacobs Jewellery and Raj Jewellery.
The Barbados-Guyana Gold Exchange initiative is an offspring of the Barbados-Guyana St. Barnabas Accord reached between President Ali and Prime Minister Mottley last year. The primary goal of the Accord is to create one domestic space between the two countries across multiple sectors. The Accord will help develop a cooperation model based on enhanced trust that bypasses bureaucracy to assist Barbadians and Guyanese alike in taking advantage of an expanded program of partnership and cooperation.
Prime Minister Mottley has tasked Export Barbados (BIDC) and its Chief Executive Officer Mark Hill with bringing the Barbados-Guyana Gold Exchange to life. Over the last few months, there have been numerous discussions, most recently on April 30, 2022, between Export Barbados officials and Government and private sector representatives in Guyana, to have the Gold Exchange operational in the not too distant future.
CEO Hill is especially pleased to see the progress made on the Gold Exchange. He said, “Working together, we believe that Barbados and Guyana can develop a Gold Exchange that is first class and we are confident that our citizens will see the value of it and invest in gold. Through the Gold Exchange, we expect that the jewelers that will be setting up operations in Barbados, will see their businesses grow. So this will be a win-win for all”.
The Gold Exchange will consist of numerous components, including – over-the-counter transactions, bids on shares in exchange-traded funds, purchases of gold futures and options through a regulated exchange, and a gold jewelry retail center, made up of a modern mix of jewelers from Guyana. Through the Gold Exchange, focus will also be placed on developing new technologies for mining and the introduction of new precious stones.