The Kourouian family of gold merchants, money lenders, and jewelers historically acted as bullion gold suppliers to jewelry workshops, provided agricultural credit, and channeled surplus rural capital from Asia Minor to a traditional network of financiers seated in Istanbul, the principal hub of the Ottoman financial system.
In the early twentieth century the family led by Yacoub I Kourouian moved its gold dealership operations to Egypt. In subsequent years, his son Karkour and grandson Yacoub II rebuilt the family’s fortune in Alexandria marked by the acquisition of Joseph & Alfred Youssoufian, the one-time appointed jeweler to the court of His Majesty King Farouk I of Egypt.
Yacoub’s son Rafy continues the family lineage, after a useful detour through a key aspect of finance: information, and more specifically online data. After heading the Middle East Times financial newspaper, Rafy rose to become MENA CEO for ISI Emerging Markets, the developing markets data arm of Euromoney Institutional Investor. With a region-wide business network and an “on the ground, dirt under the nails” understanding of Middle East economics and finance, Rafy envisaged Goldady as an efficient online marketplace for gold bullion investment.
The business model is simple: reduce the transaction costs of direct ownership of gold, its dealing, physical delivery and ultimately enabling its use as a monetary asset to protect investors from fiat currency debasement.Rafy has partnered with leading industry experts to launch Goldady: Chris Ioannou, financial risk expert; A.J. Mekky, creative director; Antonio Monteiro, tech lead, among others.
At Goldady.com we are deploying financial technologies into the conventional gold souk, to bring it into the digital age and thus disrupt and transform the lucrative Middle Eastern gold bullion market.