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Libya to establish gold, diamond factories

An India-based company, the World Council for gold and p recious metals industry, is to help Libya establish two factories (one for Gold a nd the other diamond) under an agreement to be signed shortly, the Secretary of t he Libyan General Union of gold and precious metals workers, Nourri Abu Chouheiwa, announced here Sunday.

Under the agreement, Libya will provide all tools and equipment as well as the s ite for the factories, while the company will provide the raw materials and human resources, the Libyan Oyia newspaper quoted Chouheiwa as saying.

He noted that the headquarters of the gold factory would be sited at the new gol d market in Tripoli, the Libyan capital, while the diamond factory would be buil t in Tajura, a suburb of Tripoli.

Chouheiwa said the new diamond factory was expected to meet market demands from the Arab Levant and Maghreb, as well as from some African countries.

He noted that that the new gold factory in Tripoli would have 425 shops and heav y machines for the manufacture of gold.

One gramme of imported gold sells for between 55 and 56 dinars (1.270 Libyan din ars = US$ 1) while the price of one gramme of local gold has dropped to 42 dinar s .

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