The Guild was founded by the merchants of Riga in 1354, with the purpose to crate a monopoly of the trade activities, and remained active until the 19th century. The palace was built as meeting room for the Guild. The main building was dedicated to the guild’s patron: St. Gilda. Today only some portions of the original 14th century building are visible, whereas the current structure was built toward the half of the 19th century. The Latvian Philharmonic Orchestra has its seat in the building.
As for the palace of the Small Guild, this was dedicated to St. John Baptist, and was built in 1864 in British neo gothic style.