[2007-08-22]  AngloGold wants more of Saudi market
AngloGold Ashanti, the world's second largest gold producer, is scouting for ways to boost exports to Saudi Arabia's market - the major gold consumer in the Middle East.

According to the Khaleej Times, an English language daily newspaper published in Dubai, AngloGold Ashanti sees a tremendous capacity for growth in the gold market since per capita consumption of gold in the Saudi Kingdom is one of the highest in the world.

"The per capita gold consumption in Saudi Arabia is about five to seven grams, which is much more than in some other countries," said AngloGold Ashanti's executive officer for marketing, Thero Setiloane.

Setiloane, who was visiting the region, was quoted as saying that the company was looking at ways to boost its gold exports to the area.

"We are looking at the demand side of our business in the Kingdom for gold jewellery, gold investment products and gold bars," Setiloane said.

"We have seen interest in improving the quality of the manufacturing side and also consumer experience when they are buying the gold," he added.


AngloGold Ashanti held discussions with industry leaders and jewellers in Saudi Arabia and visited the National Commercial Bank and gold importers.

Gold demand in Saudi Arabia, the world's fifth largest jewellery market, surged 30 percent in the second quarter of 2007 compared to same period in 2006.

The World Gold Council's gold demand trends report released last week showed that total gold demand in Saudi Arabia in the second quarter was 42.5 tons.

Comparatively, gold demand in UAE was 15 percent higher compared to last year, with jewellery demand rising 18 percent. Total gold demand in UAE in second quarter reached 29.8 tons.

The report said demand in Kuwait, Bahrain, Oman and Qatar totalled 12 tons - an increase of 15 percent year-on-year.
Source: ©2007 Business Report & Independent Online (Pty) Ltd.