Guyanese jewellers, who are aiming to establish a permanent presence in Barbados, are currently awaiting that island’s government completing renovation and retrofitting of a building to house the jewellery hub.
The building is expected to be completed before the end of the year, giving jewellers the opportunity to set up shop in the final quarter for this year, Minister of Tourism, Industry and Commerce, Oneidge Walrond has said.
“They’re renovating it and definitely before the end of the year. They (jewellers) have been told that the renovation should be completed and our jewellers will be have a permanent place to put their jewellery on showcase,” the Minister said.
In an interview with this newspaper, Walrond explained that jewelers who participated in the Agro-Fest expo in May will be given the option to set up shop first. The facility is located a stone’s throw from one of the island’s main port terminals frequented by tourists.
The retrofitted facility will have a capacity for over 10 jewellers. Walrond also said that they are also aiming to set up a workshop facility for the goldsmiths. This will allow the goldsmiths to complete custom design orders.
The initiative had its genesis in diplomatic talks between President Irfaan Ali and Prime Minister Mia Mottley to establish a Guyana gold market hub in Barbados. Since the announcement, jewellers have visited the island and explored the initiative’s feasibility.
One of the companies who participated in the Agro-Fest, Raj, of Raj Jewellers, told Stabroek News that the opportunity was great. It is currently waiting for the facility to be completed in Bridgetown, Barbados. While the prospects seems great, they also have to make a sizeable investment in order to create the standard and welcoming environment to capture customers. “We have to set up to international standard to be able to compete with established companies already on the island and local jerwellers… But there is a different market when compared to what we produce in Guyana in terms of the quality we produce…” hesaid.
Additionally, jewellers will benefit from concessions, such as six months’ rent free for the facility and accommodation. Under the concession agreement, both governments will be working towards system where orders are taken, sent to Guyana and then the finished product flown to Barbados. “The ministry will have a system on how they will be sending the gold products there and in a timely manner. They are still working on that part to help us…” he stated. According to the jeweller, the Barbadian government had sought to convince the jewellers to stay on the island at the conclusion of the Agro-Fest event. “They are all excited to get it to work in Barbados but there is a time factor and we just have to wait,” he added.
Stephen Jacobs of Jacobs’ Jewellery, had previously told this newspaper, “We are anticipating being a part of the “Barbados Jewellery Hub.” “I think it is a great opportunity. Guyana is known for its 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.”
Karl Gobin of Gobin’s Jewellery stated, “Guyana’s distinctive gold is one of the most recognised minerals in so many countries and I can say with absolute certainty that our gold being displayed in Barbados will bring so many opportunities to those in the gold industry”.
