World Gold Council debuts latest innovations in gold jewellery design

Organized by the World Gold Council (WGC) in partnership with the Vicenza Fair - the world-famous trade event for jewellery, and AngloGold Ashanti - the world's second largest gold mining company, the definitive 317-piece gold jewellery collection represents 60 leading Italian manufacturers and is considered as a benchmark for gold jewellery design and craftsmanship worldwide.

As one of the World Gold Council's leading and most successful marketing initiatives, Gold Expressions promotes innovative 'Made in Italy' design and product excellence in order to stimulate global consumer demand for gold jewellery. It unites Italian gold jewellery designers and manufacturers and provides an insight into the latest industry research and trends which are instrumental in the design of innovative and contemporary gold jewellery.

At the press conference officially launching Gold Expressions 2008 in Dubai, Moaz Barakat, Managing Director of World Gold Council in the Middle East, Pakistan and Turkey, commented: "The Middle East is one of the most important markets worldwide for Italian gold jewellery products. We are proud to say that we have risen to become the world's top import destination of Italian gold jewellery products.

A recent study cited by independent GFMS reported that the UAE imports Dhs3.1bn worth of Italian jewellery versus Dhs2.9bn imported into North America, officially making the UAE the largest market for Italian Gold Jewellery worldwide. With Italy's pivotal role as the centre of innovation and excellence in the design and manufacturing of gold jewellery, we deem the thriving Italian gold jewellery industry essential to the growth of global gold consumption."

"Results show that the UAE gold consumption in terms of tonnage increased from 92.4 tonnes in 2006 to 99.8 tonnes in 2007, contributing to an 8% increase. The UAE sales value increased from Dhs7.7bn in 2006 to Dhs9.5bn in 2007, a 24% increase. The jewellery sector is of great importance to the World Gold Council because it accounts for around 75% of world gold demand therefore driving demand for gold jewellery is a key objective for us. The rise in demand reveals that consumers have become accustomed to gold at higher prices. Even though the price is rising till today, consumers in the Middle East continue to buy gold jewellery."

Mr. Ian MacDonald, Executive Director, Gold, Dubai Multi Commodities Centre, said, "Dubai Government, through the Dubai Multi Commodities Centre, is a major stakeholder in the success of the gold jewellery sector and our goal is to integrate refining, manufacturing and trading of gold whilst ensuring that the industry abide by the highest international standards. This initiative brings to Dubai some of the best examples of gold jewellery design which will be greatly beneficial in generating new ideas for our local jewellers. We extend assistance by enhancing the capital base and providing physical, financial and market infrastructure to participants operating along the commodities value chain."

"Italian jewellery enjoys wide prestige and is very much appreciated in the Emirates, being the first Italian product exported to the country", says Dr. Ferninando Fiore, Italian Trade Commissioner in Dubai. "In the first 11 months of 2007, export of Italian jewellery to the UAE amounted to 556.3 million Euro, a +37.2% increase in comparison to the same period in 2006. Italy's leadership in the jewellery sector has been achieved thanks to the strong expansion drive in the international markets, excellent product quality and the successful integration of manufacturing procedures."

"When we talk about product quality, we refer specifically to the quality of Italian design. The results fully satisfy all requisites of taste, performance, comfort and safety. The high level of design knowhow is expressed through the quality of materials used, respect for international standards, careful selection processes and application of precise production technologies. Quality and style are essential factors in the jewellery sector and are strategic pressure-points for manufacturing companies as well as for local importers and end-consumers", he added.

The Gold Expressions concept was first launched in 2004 following global consumer research insights which identified an appetite for more contemporary innovative and versatile gold jewellery. The key to the project's success over the last 5 years has been the combination of consumer research and trends forecast briefings. The WGC research provides an insight into the lifestyles, values, purchasing habits and jewellery preferences of the gold jewellery consumer. Since the launch of the first gold expressions collection, the project has evolved from a trade-oriented project - showcasing the collection at the important trade shows in key markets around the globe to a consumer facing recognizable brand.

Following the launch of Gold Expressions 2008 in Dubai, the collection will travel to other important markets for gold, including the Japan, China, USA, India and Hong Kong. Alongside this, trade and consumer promotional activities will be undertaken by WGC to commercialize the collection in markets it will visit. WGC believes that promotion of such innovative products and designs will fuel consumer growth for the entire gold jewellery category.