24th August 2023 7:20:06 AM
2 mins readIn order to lower the cost of manufacturing gold items, the president of the Ghana Association of Jewellers, Jonathan Ababio, has urged stakeholders to set aside 5% of gold for the domestic market.
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Speaking to attendees at the Gold Statement 2023 launch in Accra, Mr. Ababio discussed how the difficulties for local manufacturers in obtaining gold affect their cost of production and add to the high costs of gold goods in the nation as compared to other markets.
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“Due to the difficulty in securing materials, our cost has increased phenomenally when we compare ourselves to our competitors in the Western world,” he said.
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He blamed the situation on the incessant export of all the gold mined in the country.
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“Once there is a continuous supply of all gold mined to jewellers down here, I believe we would be at par with the Western market, based on prices to meet the needs of our customers,” he said.
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He then turned to information regarding gold export, mentioning that in 2021, US$5.29 billion in gold was shipped, ranking the nation as the 19th largest gold exporter globally; and in the second quarter of 2022, the country's value of gold export reached approximately US$1.64 billion.
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The program's chairperson, Professor Alex Dodoo, Director-General of the Ghana Standards Authority, praised Rapport Services and the GAJ for their services to the jewellery sector.
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The lapidary workshop structure for instructing young men and women in the craft of gemstone cutting and polishing will be finished by the end of this month, Rapport Services Chief Executive Officer Judy Kakuor Crayem stated in her welcome speech.
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Crayem added that her outfits and the GAJ are working closely with the Korle-Klottey Municipal Assembly to set up the Gold and Jewellery Park or Emporium to house all goldsmiths who make genuine jewellery as a one-stop shop.
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Similarly, the Coordinator for the Gold and Jewellery Park Project, Maximus Afriyie Barwuah, said the park will be an incubating environment for building local capacity in jewellery manufacturing, wholesale, and retail.
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According to Mr. Barwuah, the park will serve as a "tourist attraction for visitors in search of high quality, responsible sales, certified gold, and sales of gem-set jewellery from a variety of local and international artisans," in addition to luring tenants from other economic sectors looking for an office location within the capital city.
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The main event, scheduled for Thursday, November 23 through Saturday, November 25, 2023, will be preceded by the press launch. Developing relationships in the gold jewellery and gemstone industries across Africa and beyond: The way forward will be the focus of the conference.
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In addition to sales, a conference, a jewellery display, a gala night, and an awards ceremony are all planned activities for this year's event.
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