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Placer Dome cuts hedges by 1.5 million ounces, 9 million ounces to go
By Agence France-Press
The China Post, Taipei
Thursday, February 24, 2005
http://www.chinapost.com.tw/business/detail.asp?GRP=E&id=58798
DUBAI -- Gold and jewelry industry experts decided in Dubai on
Tuesday to work toward forming an umbrella group to better market
jewelry as a single category and make it more appealing to
consumers, who favor spending on electronics and leisure.
"We have case study after case study showing that if we do align as
an industry, it can have dramatic success," Jonathan Chippindale,
Gulf marketing director for the Diamond Trading Company and DeBeers
Group, told a panel discussion at the close of the Third Dubai City
of Gold Conference.
"We are being out advertised ten to one. The only way around it is
to do the same. ... If we don't dig deeper, we really won't have an
industry," he said.
The Dubai Gold and Jewelry Group, which organized the two-day meet,
announced a commitment of up to one million dollars towards global
jewelry marketing, "subject to the involvement of resources and
leadership of marketing bodies, miners, bankers and other
beneficiaries from the industry."
"I'll coordinate with the Dubai Gold and Jewelry Group and CIBJO
(The World Jewelry Confederation) to put a working group in place
and look at the practicalities" of creating a worldwide jewelry
marketing body, Paul Walker, chief executive officer of Gold Field
Mineral Services Ltd, told AFP.
The budget of such a body and its participants would have to be
determined before it can be sold to the industry as a whole, he
said.
Rising competition is posing a problem for jewelry as a whole, said
Walker. "But can you push jewelry against other products? It will be
a fascinating test for the industry to get behind it," he added.
But if nothing is done within the next year, it will never happen
and "would be potentially a missed opportunity. Competition is only
going to get more intensive," Walker warned.
Philip Olden, World Gold Council (WGC) managing director for
marketing and jewelry, said the industry remains "very fragmented"
at the retail level.
"Jewelry retailing hasn't developed for decades whereas other
sectors have. The industry needs to address that, and this forum
could be a positive catalyst" for that, he told AFP.
The WGC would like to see what the body's objectives are, "and we
would be happy to participate in that," he said.
Tawhid Abdullah, chairman of the Dubai Gold and Jewelry Group, told
the more than 300 delegates and industry experts from around the
world that the industry risked being "shut out" if it was unable to
appeal to consumers amid pressure from other modern lifestyle
products and influences.
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