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Friday, 28th May 2004 (4513 views)

The chief executive of AngloGold Ashanti has urged the gold industry in South Africa to take a more modern approach.<BR/><BR/>According to Bobby Godsell more effort is needed to boost the gold retail market since central banks are no longer a key customer for the metal.<BR/><BR/>Mr Godsell believes that the best way to move forward is effective branding.<BR/><BR/>"Gold is a good fashion metal…We have got to modernise, retail jewellery stores are a nineteenth century experience," Mr Godsell explained to Business Day.<BR/><BR/>He referred to the re-marketing of coffee drinking by Starbucks, explaining the market was in decline until the company launched a rebranding strategy.<BR/><BR/>Mr Godsell believes that gold could easily be marketed as a symbol of love and power but so far this has not happened and a key issue for manufacturers was how gold was accessed and work price risk was managed.<BR/><BR/>AngloGold Ashanti is looking into the idea of launching its own brand in the US market, but at present it has not revealed what this particular brand might be.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=2711568"/>

 

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