Guyana being positioned as global hub for high-quality gold products with “El Dorado Reimagined” brand– Pres Ali

President Dr Irfaan Ali on Friday evening launched “El Dorado Reimagined” – Guyana’s national brand that will serve as the catalyst for positioning the country as a globally recognised hub for high-quality gold products and jewellery manufacturing.

The launch event was held at the Marriott Hotel in Georgetown and coincided with the unveiling of Guyana’s first-ever minted, in-country Independence commemorative gold medallion, which was produced entirely by Guyanese using 100 per cent locally sourced gold.

According to President Ali, this sets the tone for the transformation of the country’s gold sector, moving from raw commodity production to value-added manufacturing and craftsmanship. He said the launch of the “El Dorado Reimagined” brand represents Guyana taking ownership of its resources.

In the past, the Head of State noted that Guyana’s gold largely left the country as a raw commodity – something they are looking to change by demonstrating that the country is capable of producing, refining, manufacturing, and exporting excellence.

“We are not only going to develop this brand within the borders of Guyana; we’re going to market this brand as a defining brand celebrating history in every corner of the earth. Whether it’s historical events or anniversaries like ours, we’ll be positioning ourselves to present designs and craftsmanship in this brand to meet those global events and historical milestones.

This is a way in which we are hoping to spread this brand and eventually work with our embassies that we’re establishing in high-value markets to have a duty-free area where brand El Dorado can be sold throughout the world. That is our goal. That is where we want to be. We want duty-free shops to have different variations of value in the brand that they can take back with them,” he asserted.

Gold export

In Guyana, the gold industry has brought in high foreign exchange earnings, with the 2024 gold export receipts amounting to US$990 million. However, President Ali believes that there is much more money to be made, jobs to be created, and a whole new industry to be fashioned by moving gold production higher up the value chain.

The global jewellery industry is valued between US$380 and US$400 billion annually and accounts for about 55 per cent of total jewellery demand worldwide, with rings representing the single largest category with roughly 34 per cent of sales. Currently, the Asia Pacific, led by India and China, dominates global consumption with nearly 60 per cent of all demand.

But according to the Guyanese leader, there is an opportunity for Guyana to cement its place in the global market, especially by targeting these consumer bases.

“You know the size of the diaspora of India and China, five to seven hours away from us, whether it’s London, New York, Miami, or Toronto. That is a captive market that is closer to us than their homeland. That is a market that is available,” he contended.

The President further emphasised that moving up the value chain is not enough but requires distinction. “Everyone who wishes to be associated with this brand must adhere to the shared value of the brand and the shared quality of the brand and must be willing to adopt the highest international standards and certification. That is the only way you will be part of this brand. That is non-negotiable.”

He explained that with Guyana now in the position to conduct its own mineral mapping, an exercise that is ongoing, it allows for local industry stakeholders to come together and benefit from the data to create Guyanese multinationals.

“Building a gold sector that goes beyond mining means understanding that the greatest value is not in the ground; it is in imagination… To truly position ourselves as a global player in finished gold products, we need a brand that commands respect. We need a brand that says, ‘This is Guyana’s gold, this is heritage, and this is why the Guyana National Gold and Jewellery Brand has been created.’ It has been created to kick-start the process of us becoming a global player in the luxury industry.”

“But let no one delude themselves into believing that overnight we shall become a global player. No. That takes time. It takes planning, preparation, networking, trust, and partnership. How do we start to prepare? We’ve already started the process of preparing, building relationships, understanding which markets, working with those markets, and positioning ourselves in those markets,” Ali posited.