Lebanon Businessnews News

Saliba launches
gold investment scheme
Free safekeeping program
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Antoine Saliba World of Jewelry has launched ‘Invest in Gold’, a product that offers customers the advantage of buying gold coins and gold bullion at international official prices and depositing them in safekeeping at Saliba’s premises, without having to pay the safekeeping fees required by banks.

As part of the scheme, customers would pay a part of the usual commission due to jewelers when buying the gold, the remainder of the commission would be settled upon withdrawal of the deposited gold. Upon depositing their gold, customers receive a certificate that cannot be sold, transferred or offered as security. The deposited gold is insured and the investment could be increased or reduced, without any additional charges and can be withdrawn in cash or in kind at any time. If customers decide to withdraw the deposited amount in cash, the gold would be valued at global prices at the time of withdrawal.

The move satisfies a market need, according to Elie Nassif, the company’s Marketing Manager and helps increase the gold inventory at the disposal of Saliba jewelry. “We’ve seen that people are still interested in investing in gold, which is a safe haven,” said Nassif.

“To the best of my knowledge this package is the first of its kind in the local jewelry market,” Nassif said. “We’re now providing this service to our current customers and we plan to expand it in 2016,” Nassif said.

Antoine Saliba World of Jewelry plans to open a new branch in Antelias next year. It is headquartered in Jbeil and has a branch in Zouk Mosbeh.

The scheme is governed by the Lebanese code of obligations and contracts.
Reported by Shikrallah Nakhoul
Date Posted: Oct 16, 2015
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