The Gold Marketing Initiative
The gold mining industry unveiled plans in October, 2001 for a major gold marketing initiative aimed at increasing demand for gold jewellery. The proposed US$200 million annual investment follows a rigorous and independent review of the case for marketing gold by the management consulting firm McKinsey & Company as well as extensive discussions within the global gold industry. The McKinsey study estmated that a marketing campaign of this scale could grow demand over baseline for gold jewellery by as much as 340 to 500 tonnes of gold annually by 2006. It is recommended that the campaign should be managed by a dedicated unit within the World Gold Council.
From October 2001 to Spring 2002, a call for gold producers to provide financing for the Initiative, the design of a Marketing Organization and the launch of a Pilot Marketing Campaign are recommended in the McKinsey study. The current status and future outlook of the Gold Marketing Initiative will be reviewed.