Romanian online retailer raises the stake on Black Friday with discounts for gold bars and coins

Romanian online retailer eMAG, which imported the Black Friday concept in Romania in 2011, plans to sell 1,000 gold bars and 400 gold coins on Black Friday. The retailer will sell the gold in partnership with local bank Piraeus Bank, at a 10% discount compared to the sale price in the day before this campaign. “Each year we have brought a new product in our Black Friday offer, to show that anything can be bought and sold online. We have sold cars and fuel and this year, in Partnership with Piraeus Bank, we will sell gold bars as gold is still one of the most stable currencies in international markets,” said Iulian Stanciu, CEO eMAG. The payments for the gold bars and coins will be made exclusively by card and the buyers can take the gold from the bank or they can leave it in the bank’s custody. The total value of the gold bars and coins sold via this campaign would be over RON 1.5 million (EUR 338,000). There are three kinds of gold bars for sale - 5 grams, 10 grams, and 20 grams - while the gold coins weigh close to 8 grams each. Piraeus Bank was selling its 24-karat gold bars for RON 167 per gram (EUR 37.6), which is 16.5% above the official quotation displayed by Romania’s National Bank (BNR), which was RON 143 (EUR 32.2). The bank was buying back the gold bars for RON 138 per gram (EUR 31.1), and only if investors kept the bars in the bank’s custody. Basically, on Black Friday, Piraeus Bank gives up half of its 21% margin on gold, and the sale price is around RON 150 (EUR 33.8). eMAG will run its Black Friday campaign, the biggest in Romania, on Friday, November 20, starting around 6:00 AM. The retailer says it will have discounts of up to 80% for 650,000 products. The total value of its discounts will be close to RON 100 million (EUR 22.5 million) as the total sales on this day are expected to surpass EUR 46 million. The retailer that hosts the biggest shopping event of the year: 6.7 mln Romanians want to buy something on Black Friday editor@romania-insider.com