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Tavex Romania announces a turnover of almost EUR 22 million in 2023
Tavex Group, the largest trader of investment gold in Northern Europe and an increasingly important player in the Romanian and Southeastern European market, announces a turnover of almost 22 million euros in 2023 in Romania. The company estimates a 30% increase in business at the end of 2024. Also, last year, Tavex Romania sold more than 30,000 gold bars and over 10,000 gold coins. Thus, the company continues to strengthen its position on both the national and international market regarding investment gold.
During 2023, the company sold a total of 360 kg of gold, although the quantities were lower compared to the previous year, when Ukraine war burst, in 2022, that led to a rapid increase in gold purchases.
In the first three months of 2024, Tavex sold 81 kg of gold in our country. The turnover with which the company concluded the first quarter of this year in Romania amounts to 5 million euros, pertaining to the investment gold segment and not including the turnover from currency exchange operations. In terms of buyer preferences, the interest was directed 65% towards gold bars purchasing and 35% towards coins purchasing.
“In a volatile market, with raising inflation and increasing interest rates, gold investments became a popular choice to protect savings. If we talk about the international market, people are starting to realize that investment gold should be a part of their portfolio and that it can be a valuable safety asset in these uncertain times. On the other hand, on the local market, the concept of investment gold and its benefits represent a significant opportunity to explore. This is where we come in, to educate the local market and to give people an opportunity to protect their savings. The central banks continue to add gold as an investment option to their portfolios, and we see an increasing interest among our clients, for both large and small investments”, declared Victor Dima, Treasury Department Manager of Tavex Romania.
The prices of the products offered for sale by the company are affordable and accessible to all public categories, starting at 400 lei per gram of gold and going up to 36,000 lei for a 100 grams gold bar. Customers have also the possibility to purchase even larger gold bars, available only by request, such as bars that range between 1 kg and 12.5 kg or more, usually preferred by institutional clients.
The best-selling product was the 1 gram gold bar, which benefited of an attractive promotion: 1 free 1 gram gold bar for purchasing 1 gram gold bar every month for 12 consecutive months.
“We are very pleased with the performance reported in 2023, despite the global economic challenges. With a turnover of 22 million euros, we have managed to consolidate our position on the gold investment market and continue to expand. This is reflected in the gold bars and coins sales increase, as well as in the raised interest manifested by our customers in our high-quality products. As we continue our expansion, we remain dedicated to our mission to educate the local market regarding the benefits of gold investments. We are confident that 2024 will bring new opportunities and outstanding achievements for Tavex”, declared DimoStefanov, CEO of Tavex Romania.
Tavex Group recorded 164,000 new customers in 2023, compared to 268,000 customers in 2022, a decline attributed to a large extent to the Ukraine war. Tavex plans to increase its team, which currently consists of 25 employees in Romania, and announces the business expansion by opening a new location in Bucharest.
One of the Tavex Group’s main objective is to educate the local market regarding the benefits of gold investment. The company is providing information and support to customers to better understand how they can protect the value of their savings by purchasing gold. Customers have the possibility to buy gold online or directly from Tavex locations with flexible payment options. The payments can be cash, up to 5,000 lei for delivered products or up to 10,000 lei directly in our locations. For larger amounts, the company offers the bank transfer option.
“The price of gold behaves in a rather strange way. Although it is generally inversely correlated with indicators such as the stock market and bond yields, this rule has not applied for two years. The demand for gold is decreasing in Western countries and increasing in Eastern countries. These trends call into question the integrity of Western economies, especially against a backdrop of economic stagnation. I believe that the price of gold has all the necessary advantages to reach record levels in the coming months”, says Nicolae-Daniel Voloscsuk, Economist Tavex Romania.
Currently, Tavex collaborates with worldwide famous refineries and also with the Austrian Mint, Valcambi Suisse, PAMP, Perth Mint, China Great Wall Coins Investments LTD, United States Mint, Argor Heraeus, Royal Canadian Mint and Royal Mint, as an insurance of the products’ quality and authenticity.