1991
In 1991, Alar Tamming founded a Joint-Stock Company called Tavid in Tallinn, Estonia, unknowingly marking the start of the Tavex Group. The active search to increase the revenue of the business eventually led to the establishment of the first foreign currency exchange in the historic Old Town of Tallinn. For the first time since being founded, the company managed to start achieving remarkable success.
The Tavex Groups office expansion has grown organically over the years, and we have now firmly established ourselves as a leading organisation for precious metals and currency exchange in Northern Europe. Today, we operate actively in 14 countries under the global brand name Tavex.
2002
In 1996, Tavex's first foreign subsidiary, Tavex OY, was established in Finland. The decision to commence the company's international expansion in Finland was grounded in Tavex’s business philosophy. This philosophy advocated for generation of revenue in affluent or prosperous countries and then channeling and investing that money in regions with lower costs. Additionally in 1996, a pioneering Express Money Remittance Service connecting Finland and Estonia was introduced, which was a novelty during this period.
In 2002, Tavex further extended its reach into Latvia, opening the branch Tavex SIA. Despite significant disparities in the local business culture, in comparison to Estonia, with persistent diligence and a dedicated team, Latvia came out to be a success even in challenging conditions.
2004
In 2004, Tavex Group introduced the sale of investment gold. Initially, the primary objective was to safeguard the value of Tavex’s owners personal assets. However, once Tavex acquired a small stock of gold, a significant number of individuals expressed keen interest in investing their wealth in precious metals as a means of preserving their financial wealth for the future.
Therefore, Tavex began extending the opportunity for everyone to allocate their funds into investment gold. This was with the aim of minimising potential losses in the impending financial crisis. Investment gold is renowned for being a safe-haven asset in the long-term. For example, in 2004, a kilogram of investment gold was priced at approximately 11,000 Euros, and by the start of 2024, the cost has surged to 60,000 Euros per kilogram.
2005
In 2005, Tavex’s second subsidiary in Scandinavia was established in Sweden, known as Tavex AB. In Sweden, we initially focused on providing currency exchange services and offering investment gold. However, navigating Sweden's business and financial culture proved to be a challenging endeavor, and far from a straightforward task. Yet, by making strategic decisions to prioritise customer service, quality, and competitive pricing, we emerged triumphantly.
2009
Following the 2008 financial crisis and the sudden downturn of stock markets, many individuals began to explore the benefits of investment gold. A growing number of people came to appreciate gold as historically one of the safest options for wealth preservation. The demand for investment gold surged dramatically, leading to a record number of yearly sales within the Tavex Group, totaling 2,159 kilograms of gold sold.
In 2009, Tavex EOOD was established in Bulgaria. As Estonia was relatively small in scale, successful expansion and development across a wider geographic area was imperative. The rapidly evolving business landscape in Bulgaria created favorable conditions for us to pursue our expansion objectives. Additionally, in 2009, Tavex commenced the purchasing of scrap gold, another pivotal moment in the business.
2011
In 2010, Tavex continued its expansion into the Scandinavian market, opening a branch in Denmark, known as Tavex A/S. Although the initial demand was lower than expected, over time, we successfully established a strong and prominent presence. Our mission was to offer our services and showcase the advantages of investing in precious metals within Denmark's established business environment.
In 2011, the Tavex Group embarked on a new chapter in its history. The Financial Supervision Authority granted Tavid AS a payment institution license. This enabled the company to provide money remittance services. Simultaneously, the introduction of the Euro into circulation resulted in reduced revenue from currency exchange within the local market. Consequently, the group shifted its currency exchange focus to countries where local currencies prevailed.
2014
In 2013, the Tavex Group achieved a significant milestone by selling a total of 3,137 kilograms of investment gold, marking a new record for the company. The escalating debt crises in Europe and persistently low interest rates led to a substantial increase in interest in precious metals.
In 2014, the Tavex Group continued its expansion into Eastern Europe, establishing a new company called Tavex Sp. z o.o. in Poland. Additionally in 2014, a subsidiary entity, TavexWise AS, was established to offer the comprehensive payment services under the TavexWise trademark. Currently, TavexWise operates in 4 countries: Estonia, Sweden, Denmark, and Bulgaria.
In the same year, 2014, the Tavex Group expanded its presence in Norway with the founding of Tavex Gull og Sølv AS.
2022
In 2019, we established two entities in Romania: Tavex Gold S.R.L, responsible for the sales of precious metals, and Tavex Exchange S.R.L, specialising in currency exchange services.
In 2021, we added two new countries to the list of Tavex Group operations: Tavex Kft in Hungary and Tavex Gold Limited in the United Kingdom. In 2022, Tavex Zlato & Sebro d.o.o. in Serbia was founded. Simultaneously, Tavex SIA commenced offering its services in Lithuania through an online platform.
In 2022, the Tavex Group achieved a remarkable feat by selling a total of 11,171 kg of investment gold, setting a new record for the company. The surge in geopolitical tensions and the global economic situation, coupled with rising inflation, spurred an unprecedented demand for investment gold and silver.
