São Paulo – Libya is going to sign an agreement with the World Council for the Gold and Precious Metals Industry, in India, in order to build two processing plants, one for gold, in Tripoli, and another for diamond cutting, in the Tajoura district, in the suburb of the capital. The information was supplied by African news agency Panapress.
The announcement of the plants’ establishment was made by the secretary of the Libyan General Union of Gold and Precious Metals, Nourri Abu Chouheiwa. According to him, the Arab country is going to provide the facilities and equipment for the factory units, and India will supply the raw material.
The gold plant is scheduled for inauguration in September, the same month in which Tripoli will inaugurate a new market for the product. The market is going to have 425 shops, which will be located near companies specializing in training goldsmiths.
According to Chouheiwa, the diamond plant, which has no forecast of going into operation, will contribute to meet the demand from the Levant market, in the Middle East, the Maghreb market, in North Africa, and other African countries.
The secretary also claimed that the price of imported gold is stable at between 55 and 56 Libyan dinars per gram (approximately US$ 40), whereas local gold is selling for 42 dinars per gram (US$ 33).
Libyan
The Arab country’s economy is based on the oil industry. Last year, Libyan exports totalled US$ 34.23 billion, and the main products shipped were mineral fuels, organic chemical products and melted iron.
With regard to imports, the country purchased a total of US$ 22.1 billion. Machinery, vehicles and electric devices were the main products imported. The data were supplied by the Arab Brazilian Chamber of Commerce.
*Translated by Gabriel Pomerancblum
