A small group of local jewellers is expected to visit Barbados by the end of this month as they prepare to set up shop for the sale of items manufactured here.
Minister of Tourism, Industry and Commerce, Oneidge Walrond yesterday afternoon said that the initiative has attracted jewellers who are excited to embark on the opportunity.
She noted that while her ministry reached out to approximately 100 jewellers, five establishments had responded. Despite the low number, Walrond said that they will be moving ahead with establishing a presence to sell Guyanese-crafted jewellery on the island. She opined that many of the local jewellers are gauging the reaction before making a decision to try for a foothold in Barbados.
Among the group going is one popular jewellery business in Georgetown. She did not reveal the name of that establishment.
Barbadian authorities have identified two possible locations where the jewellers can establish their presence.
Matters such as the type of incentives that will have to be given and the tax regime that will have to be established will also be discussed when the team visits later this month.
According to the Minister, the jewellers will market their own unique creations and have the freedom to design and craft jewellery to fit the needs of the market.
The initiative to establish a Guyana gold market hub in Barbados was spearheaded by President Irfaan Ali when he held discussions with Barbados Prime Minister Mia Mottley last year on the sidelines of the United Nations Conference on Trade and Development (UNCTAD). The move by the Guyanese Head of State was welcomed and viewed as creating new markets for local jewellers.
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.
Speaking to a small group of jewellers who attended a meeting organised by the Ministry of Natural Resources last month, Walrond said “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.”
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 we will be using it to springboard the launch of the Guyana food terminal and also use it to market our gold products. It will be a tremendous opportunity for Guyana to get its products on showcase there and continue afterwards,” Walrond said.
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.
