GOLD WORLD COUNCIL
The World Gold Council is an affiliation to the leading producers of gold in the world. Its aim is to promote gold in the market. The Gold World Council is considered an organization of non-profit of the leading gold producers. It promotes the many uses of gold. The headquarters is situated in Geneva. The Council carries representation of many countries and is connected by a network of major offices to represent the demand in gold and its various activities promoting old. The market representing promotional activities covers gold’s annual consumption of nearly three quarters.
There is a close partnership and relationship between the World Gold Council and its associates. It is thorough this partnership that trading in local gold is carried out. This depends on the diverse needs and development stages of its associations. It promotes coins, bars, dentistry and jewelry in elements that gold is most frequently bought or sold.
The Council has many programmes with skilled workers to assist in improving the gold distribution system and products made of gold, information on specialist gold is provided, services are offered at an economical value to its gold holders. Its main focus in recent times has been to get rid of difficulties in the structure of the system where there is an easy flow of acquiring and selling gold. The Council has sort to encourage the market to have a free flow of retention and acquisition. Market research both globally and regionally is conducted by the Council. It publishes information and studies are conducted on the development of issues related to gold and gold demand.
The World Gold Council is considered to be an international entity and was initially founded in 1987. it was founded based on concerns in the gold mining industry. Some of its present members include South Africa, Japan, USA, UK, India, China, UAE and Turkey. Some of the mining companies represented by the World Gold Council are AngloGold Ashanti, Gold Fields, Royal Canadian Mint Newmont Mining and Mitsubishi Materials. The World Gold Council is a well established organisation that applies lobbying, research and marketing techniques to serve its member association and promote the use of gold. Its primary aim is to ensure that the potential growth of gold in the industry is consistently monitored. The Council also participates in defending gold consumption that currently exists. It also promotes new research of diverse use of gold and development of new gold products. For example, since the Council initially promoted new products, jewellery ahs a development of 99 percent in the gold market industry.
The World Gold Council came into a joint partnership recently with DMCC in Dubai and will exchange gold according to the trading rules of the Sharia law. Approval will be granted by Dubai Financial Services Authority. The currency used in the trade will be in US dollars and DIFX or Dubai International Financial Exchange. All Dubai gold shares will be complimented with actually gold in its physical form. The gold will be stored safely in vaults and HSBC bank will also play a role in storing gold.
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