Gold Era plans $32mln investments to open new plant in Egypt

The Egyptian Gold Era for precious metals trading announced on Monday that it plans to open a new plant at total investments of $32 million to produce alloys and gold artefacts in Egypt.

Chairman John Luca said that this step came as part of the company’s expansion plans. The company would invest an additional 500 million Egyptian pounds in a new line to produce gold artefacts, he added.

Luca also revealed that the company seeks to invest another 500 million pounds to develop production capacity in the 50 to 100 kilogramme per day range for alloys and gold coins.

He also mentioned that the business already had a production line for gold coins and ingots that range in size and weight from a kilogramme to a quarter of a gram.

The statement added that all packages and products are sealed with the Egyptian Stamp and Scales Authority seal to guarantee the precision of weight and carat.

The company also has QR code that contains all of the product data as well as the ownership sequence to protect the owner’s data in the event of loss or theft.

Luca continued, “gold Era has multiple locations in Egypt, two in the United Arab Emirates, and one in Riyadh, Saudi Arabia.” As part of its foreign expansion strategy, the company intends to open two new branches in Qatar and Jordan the following year.