Uganda targets luxury jewellery market with new gold refinery

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Uganda has taken a bold step towards transforming its mineral wealth into high-value products with the launch of Euro Gold Refinery Uganda Limited, the country’s first fully Ugandan-owned gold refinery.

However, the ambition does not stop at refining; plans are already underway to produce locally made jewellery and ornaments from Ugandan gold, signalling the dawn of a value-addition era.

Presiding over the launch at Euro Gold offices in Kamwokya, Kampala, on Wednesday, July 30, energy and mineral development minister Ruth Nankabirwa described the milestone as a critical step in delivering President Yoweri Museveni’s directive to stop the export of unprocessed minerals.

“This is more than a refinery; it is the start of a new value chain,” she said. “We want to see gold mined in Uganda, refined in Uganda, and crafted into rings, necklaces, and high-end products—all proudly labelled ‘Made in Uganda’.”

The refinery, which joins two others already licensed in Uganda, stands out for being 100% Ugandan-owned. According to Nankabirwa, this aligns perfectly with national development targets under Vision 2040, the National Development Plan, and the NRM’s agenda for socio-economic transformation.

“Uganda is endowed with an estimated 31.5 million tonnes of gold ore, and more discoveries are being made. With a refinery like Euro Gold in place, we are now equipped to process that gold ourselves,” she added.

The company’s executive director, Feni Benard, said plans are underway to produce wedding rings, ornaments, and customised jewellery using Ugandan gold. The ambition is not just refining raw gold into bullion but turning it into finished luxury products.

Feni Benard, ED Euro Gold Refinery LTD. (Credit: John Musenze)

“We are not stopping at refining. We want to create a fully Ugandan gold brand—from the mine to the market shelf,” he said. “We’ll be producing 99.9% pure gold with eco-friendly technology imported from Italy, and by next year, we intend to launch our jewellery line.”

“The refinery is currently operating; we have gone ahead to train Ugandans on how to operate these machines, and we believe this is in line with the government’s plan of equipping the young people with skills,” he added.

“Our refinery produces no chemical waste. It’s clean, modern, and on the same level as those in the UK, USA, and Asia because we use the latest technology and machines,” he said. “We now have account holders from around the world—UK, UAE, Hungary, China. But the mother refinery is here in Uganda.”

Feni emphasised that the company’s approach is built on transparency, technology, and national pride. The refinery, he noted, meets international environmental standards and is aligned with the London Bullion Market Association (LBMA) regulations, enabling it to serve clients globally—from the UAE to the UK and China.

Local investment, global vision

Feni noted that the $50 million investment has already secured 80 square kilometres of land in Yumbe district for gold mining, with plans to acquire more in other districts by the end of this year.

He said they are currently working with the local community and that no one has been affected by the development, having followed the ministry’s guidelines.

“We are employing Ugandans across all levels—from engineers to refinery workers—and we plan to expand to three more branches. Uganda will be the foundation of it all,” he said.

Government to build gold reserves

Minister Nankabirwa revealed that the Bank of Uganda will soon begin buying refined gold to build national reserves.

Nankabirwa with refined gold. (Credit: John Musenze)

“This is how high-income countries operate,” she explained. “The central bank (Bank of Uganda) will purchase gold directly from miners, store it, and later sell it to value-addition firms like Euro Gold. Uganda will finally have gold reserves to boost our economy.”

She assured investors that the government is actively addressing infrastructure challenges, particularly electricity supply and poor roads in mining areas. The country recently reduced power tariffs for large-scale industries and is transitioning from UMEME to UEDCL to improve service delivery.

“We are stabilising power with better transformers, new poles, and enhanced lines. Investors like Euro Gold can count on us,” she added.



Inspiring a generation

The refinery has also captured the attention of minerals state minister, Phiona Nyamutoro, who lauded the project as a powerful example of youth-led entrepreneurship.

“This is what President Museveni means by productivity and self-reliance. Euro Gold is a symbol of what young Ugandans can achieve,” she said.

Nankabirwa echoed the call for discipline and integrity in the sector, warning that non-compliance and fraud have driven away serious investors in the past.

“If you follow the law, you will find a friend in me and support from this ministry. But we cannot tolerate dishonesty,” she cautioned.

Uganda is targeting a tenfold economic leap—from $50 billion to $500 billion by 2040—and mineral value addition is expected to play a pivotal role. For Euro Gold and its backers, the refinery is not just an enterprise; it is a mission to transform Uganda’s image in global mining and export, according to the energy ministry.

“We are proving that Ugandans can lead, innovate, and export world-class products,” said Feni. “This refinery is just the beginning, and we believe by next year, we will have our own made jewellery.”