Italy reports rise in gold and jewellery sales in Russia

A new study by the National Institute for Foreign Commerce has revealed that Italian jewellery and gold sales in Russia increased by ۳۲ per cent in ۲۰۰۳ and exports grew by ۱۱.۶ per cent.

The report to be presented by workers from the four main gold districts claims that the gold and jewellery market in Russia is being pushed by growing economy and the traditional recognition for Italian products.

However local companies and consumers are keen to ensure products are authentic and will not just accept tags displaying &#۳۹;Made in Italy&#۳۹;, materials and quality must all be verified.

In addition the study shows that low cost pieces tend to be produced internally or are imported by Turkey and China.

According to reports the Russian Federation still carries the marginal role in the overall global market for jewellery production across the world, holding four per cent of the total share.

Central Bank offers gold reserve forecasts

The Central Bank of Russia has unveiled latest forecasts for the gold and currency reserves at the Russian Federation.

According to the first deputy chairman of the board, Alexei Ulyukayev, the reserves are set to grow by $۲۰-۲۵ billion in ۲۰۰۴.

Speaking at an international investment conference, Mr Ulyukayev said: "In the first half of ۲۰۰۴ the gold and currency reserves will grow by $۱۰ billion and in the second half - by over $۱۰ billion."

The Central Bank also stated that by the end of this year the nominal dollar exchange rate will total ۲۹.۵-۳۰ rubles per dollar, according to Novosti.

It added that under this and ۱۰ per cent inflation, the effective ruble rate will not go above seven per cent.

South Africa plans for golden health treatment

A new venture in South Africa is underway to discover the health benefits of gold, with the possibility of developing gold-based drugs to treat a collection of diseases such as cancer and HIV.

Project Autek is run by Dr Richard Bowen, technology and research centre Mintek, and three gold miners, AngloGold Ashanti, Gold Fields and Harmony.

The project has been set up to look into industrial applications for gold, including materials, catalysis and biomedicine.

Dr Bowen told Johannesburg Sunday Times: "With the development of these programmes, South Africa will develop capacity by being integrated into the global community.

"The aim of Autek Biomed is to facilitate, initiate and undertake projects and development that will lead to the further exploitation of SA resources, including its precious metals."

At present gold in South Africa is mainly consumed by jewellery manufacturers and it is believed mass consumption of gold-based drugs would create a constant demand.

New exhibition to celebrate yellow metal

A new exhibition is being held to showcase yellow metal with the display of latest gold jewellery by ZAK Trade Fairs and Exhibition Pvt Ltd.

&#۳۹;ZAK Jewels ۲۰۰۴&#۳۹; will be held at The Residency and already has around ۲۰ participants who will exhibit a wide range of designs from across the country.

One display, the thewa collection, has an antique look using gold fused with coloured glass.

Rahul Gupta, partner of Just International Jewels from Jaipur told The Hindu: "Thewa work is ۳۵۰ years old and is completely hand-made.

"Based on the design, shape and size, the craftsmen in Rajasthan take ۲۵ days to three months to complete a single piece."

Prices for the jewellery, which is studded with precious stones, start from R۴,۵۰۰ to R۶۰,۰۰۰.

Tourism and convenience boosts sales at Sharjah Gold Centre

The Sharjah Gold Centre has revealed a ۱۰ per cent increase in first quarter sales, despite a decrease in gold imports.

Reportedly the sales growth is due to the area&#۳۹;s growing popularity among local shoppers.

The gold retail market in the UAE is continuing to perform well, with an increase in the number of tourists wanting to buy jewellery balancing the effect of a fall in the US dollar and the rising international gold price.

Mr. Sandeep Sethi, Manager of the Sharjah Gold Centre told AME Info: "The centre&#۳۹;s convenient and strategic location helped boost the influx of shoppers from different areas within the UAE - both local and tourists.

"Business has been very good and the positive sales figures for the first quarter this year attests to the fact that more people find it more convenient to shop at the Gold Centre."

Although there are many gold and jewellery shops in Dubai, Mr Sethi argued the Gold Centre has greater shopping convenience and a broader selection.

The centre has ۴۷ jewellery shops and offers local and international brands, offering the only centre of its kind in the UAE known for its great quality and craftsmanship.

Indian jewellery proves popular in Italy

Italian experts have revealed that Italy is becoming increasingly interested in importing a number of Indian goods such as jewellery and gems.

The popularity of Indian goods was revealed last week when a group of Indian businessmen travelled to cities such as Florence and Pisa to make presentations and obtained the view of various Italian experts.

Mr H K L Magu, president of the Garment Exporters Association, who attended the event told deepika global: "India is now the strategic choice with a vertically integrated, flexible and comprehensive production infrastructure."

Among the business members representing India was Mr P Parekh, secretary general of the Gems and Jewellery Export Promotion Council.

Mr Magu claimed that the key factors helping India produce huge volumes and wide variety for the global market are its production friendly systems, skilled labour and stable economic environment.

Pure Gold receives top performance award

A key company in the gold and jewellery market has been named as one of the top companies in Dubai, out of a selection of ۵۲۰ retailers, manufacturers and bullion traders.

Pure Gold Jewellers has been named &#۳۹;Star Performer&#۳۹; by the Dubai&#۳۹;s Gold and Jewellery Group, based on performance in retail promotional activity in the last two years.

Dubai&#۳۹;s Gold and Jewellery Group chairman Tawhid Abdullah told AME Info: "Pure Gold has been a very active player in the retail market and has remarkably demonstrated sheer commitment in finding ways to remain as one of the most highly competitive jewellers in the emirates."

The gold company reported growth of ۱۷.۵ per cent in ۲۰۰۳ even when gold imports into Dubai were slightly slower...