ETI sets new standards in gold financing

Edirisinghe Trust Investments (ETI), one of the largest finance companies registered with the Central Bank of Sri Lanka, enjoys an enviable position as the market leader in gold financing.

In the company’s 42 years of operations, it has built a reputation for speed, flexibility and personalised service that has earned the trust of customers over the years. The company was founded by E.A.P Edirisinghe.

“Our customers choose us over other gold financing service providers because we provide a modern, authoritative service that stretches back four decades,” said Sandun Kumarasiri, General Manager – Gold Financing and Sales.

“We are the only Registered Finance Company (RFC) with the technical knowhow, equipment and skills to accurately assess gold. Having the ability to accurately assess gold means that we are in a position to offer the highest price for gold as well as identify imitation gold. In the long run, this allows us to eradicate risk such as Non-Performing Loans (NPL).”

The division’s NPL is currently at 0%.  

This technical knowhow is a facet that ETI is rightly proud of. “Our staff are continuously trained in modern techniques to accurately assess any gold item – and consequently are some of the most sought after human resources in the gold financing industry. Our staff members are also able to assess gem stones,” continued Kumarasiri. He added that ETI issued valuation certifications to stone-studded jewellery.  Today, the modern operations of ETI’s Gold Financing Division, overseen by Kumarasiri, is the first port of call for customers who are in need of urgent cash. The company serves 495,000 long standing customers annually through 46 dedicated centres across the island (up from 20 branches in 2004).

The company plans to open 11 gold financing service centres during 2012/13. Already, three of its service centres, located in Bambalapitiya, Mount Lavinia and Pettah operate 24 hours a day – a service that no other finance company provides. In 2010/11, ETI advanced Rs. 18 billion worth of gold financing advances.

Kumarasiri pointed out that the customer-centric approach to ETI’s business had resulted in customer loyalty. “At the heart of our operations is an empathetic, professional approach to our customers’ financing needs. Our staff members go beyond servicing customers by building long-standing relationships with them in order to provide a truly satisfying experience for customers.”

That customer-centric approach has clearly been recognised by the customers themselves: ETI’s gold stocks stand at an impressive Rs. 6.2 billion up from Rs. 952 million in 2006. The Gold Financing Division accounted for Rs. 1.7 billion of ETI’s Rs. 2.54 billion income for the year 2010/2011, eventually contributing Rs. 900 million of ETI’s profits for 2010/11.

It is also this deep desire to continually deliver the best to customers that prompted ETI to build the cutting-edge E-Gold Enterprise System software that allows them to keep track of their operations. The E-Gold Enterprise System was recently certified by the British Computer Society and was feted at the recent National Best Quality Software Awards.

In addition to its gold financing operations, Kumarasiri also oversees the sale of gold. “Our technicians have the skills and equipment needed to polish gold, clean out scratches and then resell it at our sales offices at a reduced price for customers. In addition, we provide free storage facilities for our clients’ jewellery.”