The objective behind this co-operative marketing project between AngloGold Ashanti and Al Zahra Jewellery is to impact positively on the consumption trends for gold jewellery by focusing on product quality and progressive design.
AngloGold engaged with Al Zahra Jewellery which is a large retailer and wholesaler of gold jewellery in the Middle East, and the World Gold Council to develop a business concept to launch and promote at retail shop level collections of mid to high end gold jewellery from Italian based manufacturers.
The alliance will have a positive impact on gold jewellery consumption trends in addition to the introduction of innovative Italian designs in the marketplace, promoting modern retailing, merchandising and creating sustainable gold jewellery consumer brands.
Moaz Barakat, Managing Director for Middle East, Turkey & Pakistan, World Gold Council, said:
“As part of the World Gold Council’s commitment to promote gold in the region, WGC has entered in to a partnership with AGA and Al Zahra to develop a business concept that promotes mid-end to high-end 18K gold jewellery from product ranges of Italian-based manufacturers.”
Barakat also explained that the high oil revenues and the increased tourist influx to the region have impacted positively on gold jewellery consumption. Demand for high lifestyle, luxury and branded products is still growing in the region and the challenge to the gold category is sustaining the already high gold consumption per capita rates compared to the population growth and per capita disposable income.
The Middle East gold jewellery market has always been one of the important markets for the Italian jewellery. Italian gold jewellery is known for its unique design derived from an uncompromising sense of quality achieved through refinement and research.
Rian Raghavjee, Manager Projects AGA, commented, “The Middle East region has the highest per capita gold consumption rates globally. Our challenge with Al Zahra and WGC is to ensure that gold remains a compelling attraction for these consumers and that it competes more effectively with other modern lifestyle and luxury goods. We are excited by this collaborative marketing project and look forward to having it contribute positively to the gold category in the region.”
Faiz Papadopoulos, owner of Al-Zahra Jewellery, stated: “Our goal is to enhance and promote the purchasing of gold including 18k Italian ornaments, which is recognized for its unique style and its great quality. By engaging with World Gold Council and Anglo Gold Ashanti, this marketing project will definitely improve the consumption of Gold in the U.A.E and in other parts of the Middle East.”
Al Zahra Jewellery will be importing and selling mid to high end 18K gold jewellery. It currently sells its jewellery in the UAE, KSA, Qatar, Bahrain, Oman, Kuwait, Lebanon, Syria, Iraq, Iran, Egypt, Libya, Nigeria, Congo, and Somalia. Al Zahra is willing to aggressively import, promote and sell more Italian made jewellery thereby increasing the presence of high-end 18K Italian ornaments.
The funds used in this project will be utilized to fund additional inventory to enable Al Zahra to expand its Italian product offering, developing promotional retail material, more impactful collection launches and pre and post research findings.
AGA, Al Zahra and WGC have entered into this project with what they all agree to be a credible, strong and reliable partnership.
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