An Overview of the World Gold Council
The World Gold Council is a non profit organization which was formed in 1987 to promote the demand for Gold. It is composed of countries producing Gold in the world and through its initiative it increases the use and demand of the product. The council’s headquarters is in London with operations in USA, India, Europe and Far East and it deals in promoting the gold industry in the world. The chief objective of the council which is chaired by Ian Telfer is to increase the demand of gold through all sectors of the economy from customers, industry and investors so that the mineral could be used in production of more products. The World Gold Council is headed by a Chief Executive Officer which post is currently held by Aram Shishmanian. The council is composed of twenty two countries that are the world leading Gold producing countries.
The responsibility of promoting The World Gold Council
The World Gold Council is faced with the responsibility of promoting the use of Gold through development of markets and services, solutions based on gold and providing insight on the gold market trends to its members. The World Gold Council works with international markets to give an insight of the essence of preserving their wealth in term of gold. It also deals with the role of conserving and social responsibility associated with the mineral. The World Gold Council works with different partners to make sure the demand and uses of gold are increased over the years. They give a clear insight of the importance and use3sd of the mineral and most stakeholders and decision makers gets an informed opinion from the council in regards to the sources of the mineral. The council makes sure that gold is mined responsibly. There is a market intelligence division which conducts a wide range of research and development to make sure that the products worth fullness and value increases with time.
The World Gold Council is responsible for creating value for Gold. It works with a number of partners to give a strong record of the tracks of the mineral in the world. Through the years the World Gold Council has increased the market share and demand of the minerals and its products. It has come up with innovative techniques in a number of ways; the World Gold Council has formed a new-fangled investment market that has made it easy for people to purchase gold through the stock exchange inform of Exchange Traded Funds (EFT). It has increased the gold market in India by making it possible for one to purchase gold through the Indian Post Office Network. The network covers more than 630 branches as at now. It has further increased the market in China after partneribng with ICBC which China’s biggest commercial bank which has seen over one million people opening a saving account by last year.
The World Gold Council has partnered with a number of organizations which gives them an insight of the mineral and the uses of gold in different sectors of the economy. This varies from investment, Government and Jewelers sectors. The council works with Government through the central banks to show them how gold could be used as a preservative for their wealth and manage micro and macro economic principles in the economy. This has increased the value of the minerals as most of the countries reserves are rated against their gold value. In the jewelry sector, the council has helped develop new products and increased the use of Gold in making ornaments and attractive home appliances. It has improved the investment of the mineral in different sectors of the economy. This has made most people to use gold as a storage of value for their wealth.
So far for the World Gold Council.