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Merchant's Guildmaster (商人会議長) is one of the members of the Regency Council of the Dwarf Kingdom.



The Merchant's Guildmaster has a capitalistic mindset. He was willing to sell his people's traditional craft to Ainz, seeing it as outdated and a cheap bargain. His philosophy is that deals can only be made between two equal parties in equal circumstances. Therefore, he believes that it would be impossible to make a proper deal with someone who's more powerful than the other party.[1]


Once, there had been an organization called the Merchant's Guild, but due to the lack of traders and trade in general, the title of Merchant's Guildmaster was now a hollow position in charge of foreign affairs.


The Craftsman of Dwarf Arc[]

Main article: The Craftsman of Dwarf Arc

During the negotiation with the Sorcerer King, when Ainz offer undead labor was proposed, the Merchant's Guildmaster believed that Ainz Ooal Gown wanted the dwarves to purchase them so that they could excavate minerals in large quantities, then there would be an ample surplus. He believed that it was a way to keep the price of ores low.

When the Regency Council held a private discussion, his words of support with the Commander-in-Chief brought many of the councilors to accept the assistance from the Sorcerer Kingdom.[2]

When the Forgemaster disappeared, having stolen the ingot he was entrusted with from Ainz, the Merchant Guildmaster advised against shying from the fact one of their own committed a treacherous act. He suggested the council come clean and hope for the best when they informed the Sorcerer King.[3]

Abilities and Powers[]

The Merchant's Guildmaster is in charge of all foreign affairs in the Dwarf Kingdom. Though his position has fallen into decline, due to the difficulties of trading with other nations.


Ainz Ooal Gown[]

Like his fellow dwarf councilors, he was also terrified of the Sorcerer King. However, he did see the merit of his nation aligning itself with the Sorcerer Kingdom, as it could provide both parties with mutual profitable opportunities.


When he sided with Ainz's proposal for an alliance in exchange for his country's runesmiths, he earned the disdain of the Forgemaster who called him a traitor for sending his people to slavery.


  • In terms of cost estimation and prices, the Regency Council lets the Merchant Guildmaster handle those issues.


  • (To the Councilors): "I believe we can all accept what the Sorcerer King is saying. It makes perfect sense. I'd do the same in his position, picking the Dwarves over the Quagoa."
  • (Regarding the Sorcerer King): "Ah, it’s not as though we could make a fair deal with such a thing, right? Generally speaking, deals can only be made between two equal parties in equal circumstances, right? Therefore, it’s de facto impossible to make a proper deal with someone who’s far more powerful than you."
  • (To the Councilors about Forgemaster): "It's a bad move. That leads to the problem of us covering things up. We might as well come clean and beg forgiveness. Besides, have we found him yet? For all we know, he might be in the belly of a magical beast now. If only we could recover the ingot... that idiot."


  1. Overlord Volume 11 Chapter 5: Frost Dragon Lord
  2. Overlord Volume 11 Chapter 4: A Craftsman and Negotiation
  3. Overlord Volume 11 Epilogue


Click on the images to enlargen them.


Dwarf Kingdom
Regency Council
Commander-in-Chief Forgemaster Merchant's Guildmaster Master of Caves and Mines Cabinet Secretary
Other Citizens
Gondo Firebeard Magic Craftsman Gagaiz Chief of Staff Manager Tsuibayaya