Mazad kicks off first 24K gold bar, jewellery auction
MANAMA, March 23, 2024
Bahrain's leading auction platform Mazad has announced its first-ever gold auction, which will include a variety of 24K gold bars and exquisite 18K white and yellow gold jewellery.
The gold bar auction is open to the public and will be ongoing until March 31 which will be followed by the jewellery auction from March 28 to April 18.
A local portfolio company of Bahrain's sovereign wealth fund Mumtalakat, the Mazad has been mandated with overseeing the kingdom's public and electronic auctions.
The introduction of an online gold auction marks a significant milestone for the company, as it expands its offerings beyond its traditional auction format.
By venturing into the gold market, Mazad aims to cater to the needs of jewelers, investors, and individuals who are interested in acquiring gold as a valuable asset.
Bahraini jewellers and other industry professionals have a rare opportunity to purchase gold at a competitive rate providing them with an excellent platform to acquire premium gold and expand their inventory in light of the current market conditions.
The assortment on auction includes 24K gold bars weighing 1KG and 100g each, and a wide selection of bulk jewellery, such as bracelets, rings, necklaces, bangles, and earrings, giving participants a variety of investment options to choose from.
"In line with our asset expansion strategy , we are thrilled to present our first ever online gold auction in the Kingdom of Bahrain which will provide a fair opportunity for participants to bid on high value assets.” stated Talal AlAraifi, CEO of Mazad.
"This expansion reflects Mazad’s commitment to growth and agility in adapting to the market demands and our dedication to meeting the evolving needs of our customers. We are poised to attract a broader audience, foster new business relationships within the gold and luxury goods industry, to further solidify our presence in the kingdom and beyond.”
By venturing into the gold market, Mazad said it is strengthening its position as a comprehensive auctioning platform, offering a diverse range of assets to its users.
Moreover, Mazad recognises the versatility of gold as an asset beyond its aesthetic appeal and cultural significance, as it holds intrinsic value and acts as a hedge against economic uncertainties to investors, it added.-TradeArabia News Service
