Gold, jewelry consumption set for fast growth

Sunday, January 27, 2008

Gold, jewelry consumption set for fast growth
A recent Ministry of Commerce report predicts that China's gold and jewelry consumption will maintain a fast growth trend this year. With the country's rapid economic growth and improving living standards, gold and jewelry have become hot consumption items for the Chinese, like houses and cars.A survey on market supply and demand development trends in the latter half of 2005 sponsored by the ministry, and an analysis of 600 kinds of main consumer goods by concerned experts, found that China has a large number of consumers for gold and jewelry, especially as the generation born between 1960s and 1980s enters the period of consumption.The survey also indicated that the depreciation of the US dollar in recent years has stimulated investment in gold and diamonds. In the first half of this year, the retail sales volume of 1,000 of China's major gold, silver and jewelry companies increased by 13.9%. China's diamond imports reached 900 million dollars in the period, up 17.5%. 25% of the respondents believed that gold ornaments prices will rise in the latter half of this year, and 19% said that the price of platinum ornaments will also rise. Also, 65% of the informants believed that the demand and supply for gold and jewelry will remain in balance in the second half of this year.China's platinum consumption exceeded half of the world's total output in 2005 and both China's gold output and sales volume rank fourth in the world. In 2004 and 2005, China's retail sales of gold and jewelry increased by 11.7% and 27.5%, respectively.

Say cheesy!!!

Say cheesy!!!

A crowd three people deep surrounds the kiosk for Yuro Design in the jewelry exchange in Boston's Downtown Crossing.

The bodies press against one another, jockeying for views of two display cases. Of particular interest are the four rows of teeth-shaped jewelry, some made of white or yellow gold, some sprinkled with diamonds, some sporting fangs.

The removable teeth caps are alternately called grills, fronts, shines, plates, or caps, and these glittering decorative pieces are the latest hip-hop culture trend making its way into the mainstream.

Black, white, Asian, or Latino - if you're young and urban, grills are the piece of jewelry to lust after. Once popular only in the Midwest and the South, the jewelry is now turning heads in other regions.

Young girls clamor for the look in San Francisco, and teens are flaunting grills in Toronto. Grills are now so common, you can buy them on the Internet at goldteethny.com or gangstagold.com.

The look is omnipresent in pop culture. "Grillz," Nelly's homage to the look featuring rappers Paul Wall, Ali and Gipp, recently spent time in the No. 1 spot on Billboard's Hot 100. The video for Three 6 Mafia's hit song, "Stay Fly," kicks off with group member Juicy J sticking upper and lower grills onto his teeth, then turning his jeweled smile on his horrified elderly neighbors.

Anyone who watched MTV's reality show "Making the Band 3" late last year couldn't miss the golden glitter of Diddy's teeth in several episodes. Even Travis Barker of blink-182 and actor Johnny Depp have sported the look.

Although people have purchased fronts in Boston for years, those catering to this crowd have noticed a recent uptick in interest.

"Maybe the last three months or so," says Yurik Honarchian, owner of Yuro Design. "It's been really more in demand." Honarchian estimates that he sells 10 a week. "Christmastime was crazy," he says. "I had 50 people waiting for their teeth."

Hornarchian entered the jewelry business in 1997, selling the same gold jewelry offered by other kiosks in the jewelry exchange area at Downtown Crossing.

"I really didn't like it," says Honarchian, who closed the shop within a year. "I'm not a salesman. I was interested in making it and designing it."

After a foray into other careers, he decided to do just that. In 1999 he returned to the jewelry business, teaching himself how to manufacture rings, necklaces, and other pieces in the workshop he created on the third floor of the building.

He began selling the golden accessories in 1999, after he noticed people were asking for them. A year and a half ago, Honarchian opened his kiosk downstairs alongside his brother Alfred, who repairs jewelry.

"Today I'm the only one doing it in Boston," says Honarchian, "doing all the molds from A to Z. A couple of people take the mold and send it to Atlanta for completion. A lot of times, it doesn't come out right. That's why the customers come back to me."

Roxbury resident Jazmyn Evans, 19, wouldn't go anywhere else to get her grills. "This is like the most popular shop in downtown Boston," says Evans, who was picking up her new grill. "You really have to come to the city to get this."

FRONTS HAVE BEEN A STAPLE in the hip-hop world since Slick Rick and Flava Flav wore them back in the 1980s. By the 1990s, members of the Staten Island hip-hop collective the Wu-Tang Clan would sport them, but the look really took off with the help of the Southern hip-hop craze. Master P., Baby, Ludacris, and Lil Jon all often flash sparkling smiles.

Wall, who emerged into the mainstream last year from Houston's hot hip-hop scene, even has a side business selling grills through his Houston shop, TV Jewelry. His company makes custom mouthpieces for Kanye West, Diddy, Usher, Snoop Dogg, Lil Jon, Omarion, and Bow Wow. Regular folks can buy his grills at tvjewelry.net.

Fronts were the first jewelry purchase made by Willie Jones, 24, almost a year ago.
Why'd he get them?

"Because of the women," the Braintree resident says immediately. "They like them. You gotta do what the women love."

To prove his case he opens his mouth and bares his fronts - rose gold and diamond bottoms, white gold and diamond tops. The effect is stunning, Jones says. "They be like, 'Damn,'" he says.
He gets even more intense reactions, he adds, when he pairs his fronts, as he does on this day, with the rest of his ice: two thick bracelets, one of rose gold and diamonds, and the other of white gold and diamonds; an assortment of gold and diamond rings; and a huge white and rose gold watch sprinkled with diamonds.

"You gotta be different," Jones says, referring to his mixture of rose and white gold. "It stands out more than all the same color."

When Jones sees Honarchian, he shows him a photocopy of the next set of teeth he wants. They're in the popular "invisibles" style, which gets its name from the several rows of diamonds that hide the metal base below. Honarchian often creates custom pieces for his customers.

"They say they want something that nobody has," says Honarchian. "I draw a few things and they say, 'Yeah, this is what I want.'"

Fronts can cost from $140 for a three-tooth cap to $290 to $350 for the popular six-tooth cap. The price increases, of course, when you add diamonds.

Who is the customer for this jewelry?

"It's mostly men," says Honarchian. "But lately, you know, females are doing it more."
Females such as Evans. She's from South Carolina and had already owned some fronts before losing them during the move to Boston. The jewelry is her way of staying fashion forward. She wears a bevy of small gold bracelets and three rings - the grill helps finish her look.

Evans's assessment of the celebrities wearing fronts?
Of Diddy, she says, "He don't belong. He needs to be in a business suit."

Depp, however, gets the thumbs-up. "He's a 'hood dude," says Evans, admiringly.

She's with Lance Smith, 16, who pulls out a wad of cash at the jewelry exchange to show who's fronting the fronts for his friend, Evans. He says of the style, "People are getting it because they look fresh. I bet half the people in here want fronts." He's saving for an upper grill himself. He wants to buy a four-tooth cap with fangs on each side.

Earlier in the day, a 25-year-old from Brockton who said his name is Hood is perusing Yuro Design's display case looking for a replacement of the gold fronts recently stolen from him.

"I don't know what somebody can do with teeth," says Hood. Alfred, Honarchian's brother, tells him the thief could probably trade in the gold for $80 to $90.
Hood first encountered the style when he was living in Florida. "That's why I started to like them," he says.

For his second set, he has specific demands. "I want it shiny," says Hood, asking to look at a $2,500 diamond and gold piece. "Nice and shiny." He looks over at his friend, who shakes his head to affirm Hood's choice.

Hood says the response to grills varies. "Some of the girls," he says, "they don't like it, saying, 'It's ugly.' " But thanks to "Grillz," it looks like nothing can stop this jewelry's trajectory. "It's getting more and more accepted, you know," says Hood.

Use care when buying diamonds

Use care when buying diamonds
As we head toward Mother's Day and wedding season, diamonds are getting serious attention.But there's a lot more to consider about diamonds than how much they glisten.An objective grading report is important. The Gemological Institute of America (GIA) issues an independent report. But the institute recently reorganized top management amid allegations of bribery for inflating the quality of diamonds.Some diamonds may be high quality but still be tainted. These diamonds have been used to finance armed conflicts in places such as Angola, the Congo and Sierra Leone. Published reports even have tied "conflict diamonds" to funding for Al Qaeda.Fortunately, some 40 countries, the United Nations and the diamond industry have worked out a way to help curb sales of conflict diamonds. Under a program known as the KimberleyProcess, diamonds must be shipped in tamper-resistant containers. They also must be accompanied by government-validated Kimberley Process certificates. In addition, the jewelry industry, represented by the World Diamond Council, requires that every time a diamond changes hands, the seller affirm on the invoice that the diamonds have been purchased through authorized channels.The United States' Clean Diamond Act signs onto this process.But too many countries have no strong enforcement mechanisms, warns Amy O'Meara, of Amnesty International USA, New York. Also, she says, a lot of jewelers haven't adopted the code of conduct or produced written guarantees as to where the diamonds have come from.If you're looking for a diamond, she suggests asking the jeweler how you can be sure the jewelry doesn't contain conflict diamonds. Ask to see a code of conduct. Also ask for a voluntary warranty that documents the diamond from the mine to the point of sale as being conflict free."A lot of jewelers can talk a good game," she says.Of course, don't forget the four C's of buying a diamond - color, clarity, cut and carat. Generally, the aim is either for a clear diamond or a color as rich as possible. A diamond rated "D" by the Gemological Institute of America, means it is absolutely colorless. "Z," light yellow or brown, is the GIA's lowest grade.Look for few spots, bubbles or lines. The GIA grades clarity ranging from FL or flawless to a low of I3. For cut, the GIA now issues grades ranging from Excellent to Poor. Carat refers to the diamond's weight.
Other questions to ask:
Is the diamond artificial?
Has the diamond been treated? Jewelers are required to disclose whether a diamond has been treated with anything that could lower its value.
Does the diamond require special care?
Always ask for written specifications or an appraisal of the diamond you are considering. Obtain a written guarantee from the jeweler.
"We recommend that the consumer ask all the questions they can of the salesperson," says Janice Frankle, attorney with the Federal Trade Commission Division of Enforcement. "If the salesperson doesn't have the answer, find the answer."

Jewel of the isle

Jewel of the isle
Nobody can deny that Marco Island is a Florida gem. We live in Shangri-la where, everyday, the gleaming sun sprinkles the gulf's blue-green surface with glittering diamonds. Brilliantly colored flowering trees and shrubs wildly grow, painting a portrait of paradise that is our reality.Year-round and part-time residents — and our repeat vacationers — take pride in our island. Maybe that's why so many women here adorn themselves with Marco Island-motif jewelry.Jewelry stores are not scarce on the island; there are quite a few, all upscale and unique in their island showpieces. Several boutiques and gift shops also sell island-themed jewelry, along with more standard Marco mementos like photographic prints, T-shirts, key chains, stationery, etc.I visited four of our gem denizens (three who design their own collection) to see — and try on — the jewelry created to celebrate Marco Island. As the saying goes, "great minds think alike" and many of the showrooms' products were similar, however, all of them had their own special signature.Schilling Jewelers, owned by Anna and Eric Schilling, has existed at the Shops of Marco for 14 years. They display the work of numerous designers, as well as their own pieces of art. Last year, the Schillings created their notable and original Marco Island Destination Bracelet, which are made in yellow or white gold, sterling silver or a combination of gold and silver.The bracelet's design is deliberate and meticulous. The "M" is encrusted with gold or silver seashells, symbolizing the mounds of shells the Calusa Indians made for protection against hurricane tidal surges.An anchor forms the "I" and denotes the maritime history of the island. And the two-strand solid gold roope is wound around the bracelet 12 times to represent the 24 square miles ofMarco Island. Prices are fair: The bracelets start at $100.The Harbor Goldsmith, "Charms of Marco," manufactured their "Marco Bracelet" in sterling silver, 14-karat gold and a combination of sliver and gold five years ago. Richard Alan, master goldsmith (who began his apprenticeship at age 12) designed two nose-to-nose dolphins to serve as the "M" in Marco, with one mammal doubling as the clasp. Last week, Alan began distributing his newest bracelet design with the initials "MI."Marco EagleOne of the many Marco Island dolphin charms, this is for purchase at the Marco Cat. "We ship them all over the country and to England and Germany," Alan said. "People e-mail or call us to order them. There isn't any state in the union we haven't shipped to." Prices range from $150 to $900.The "Marco Cat" is a common theme among the jewelry stores. A 6-inch crudely carved wooden figure in the shape of a cat was discovered in the mucky soil of what is now Old Marco in 1896 by archeologist Frank Cushing.The carving was attributed to the first island settlers, the Calusa Indians, and has been dated back to 700 A.D. The Smithsonian Institute now possesses the "panther god of the Calusas," along with other artifacts, including a bird resembling a duck, a deer and a tribal mask.Pendants, earrings, pins and rings re-create the Marco Cat. The jewelers I visited had slightly different versions. Marco Island Fine Jewelry's owner, Hank Halbuer, owns the original Marco Cat molds that the previous store owner, Ward Bradeen, had commissioned after seeing the Marco Cat artifact debut on the island.The Marco Cat jewelry produced from these molds were the first to be sold on the island. Besides jewelry, Halbuer has a Marco Cat figurine carved from jasper and petite Marco Cat "fetishes" handcrafted in lemon-ice citrine.Marco EagleThe Marco Cat's wood carving closely resembles the original Marco Cat artifact. Harbor Goldsmith and Schilling Fine Jewelers each create their own rendering. The Marco Cat's emblem is by Anderson Goldsmith, a private jewelry maker whose molds for the Cat are exclusive to owner Carolyn SoulĂ©. (SoulĂ© also sells hand-carved wooden Cat figures that remarkably resemble the original artifact for only $35, as well as many other Marco Cat accessories.)Another commonality is the Marco Angel, a silhouette of the illuminated lawn ornaments found lining the medians on Collier Boulevard at Christmastime. It wasn't clear who created the angel first; nonetheless Harbor Goldsmith and Schilling both have dazzling depictions.Harbor Goldsmith's Alan once custom-made an angel for a customer who requested diamond insets (we're talking a lot of ice) to simulate the lights on the holiday decoration.Palm trees and dolphins, Florida staples, decorate other Marco Island charms. Schilling has a palm scene with sun and sand set in an oval border with the words "Marco Island" and a graceful dolphin comprising the top of a circle joined below by the name of our city. Harbor Goldsmith's palm pendant is also ovate, but their "Marco Island" dolphin is playfully jumping through a hoop.Superb symbols of our nesting place are available at all of these marvelous showrooms, including sea turtles, starfish, seahorses, crabs, conch shells, sand dollars, pelicans, manatees, alligators, lizards, sandals, sunglasses, boats and, one of my favorites, a miniature pail and sand shovel.You name it they've got it.Marco EagleVisitors (and residents) can wear a piece of paradise year-round; available at Harbor Goldsmith. Marco Island Fine Jewelry has the largest variety of beach life charms I have ever seen. Halbuer sells all of those previously listed, plus scuba flippers, a windsurfer, whale's tail and finely finessed fish — snook, tarpon, king mackerel and mahi mahi.The fine jewelry store also exhibits delightful and incomparable pieces, including oversize Florida panther sterling rings smothered with Swarovski crystals in red, blue or silver; a white gold ring with a dolphin emblazoned with diamonds and rubies.Alan has manufactured a vast selection of beach icons, all exceptionally detailed. Harbor Goldsmith has Hawaiian Danny Wong's gorgeous and quirky sea characters, for example, a three-dimensional gold sea turtle emerging from a Tahitian pearl egg. What are even more enchanting are the front legs and head of the turtle are movable!Schilling has some unrivaled sea creature creations: a solid gold octopus with its tentacles wrapped around a giant blue topaz and a true-to-life conch shell exhibiting a glowing pearl, embellished around the perimeter with large diamonds.Certain masterpieces at every store are enhanced with exquisite diamonds, emeralds, rubies or other gems, such as opal and sapphire.The Marco Cat contains the most variety at the most affordable prices. Many of her sea animals are three-dimensional and solid precious metal. An unparalleled sterling silver manatee has an exceptional expression.My favorite is a silver turtle pendant inspired by a storybook belonging to the artist's daughter. The turtle's appearance commands observers' smiles.Visit these fine jewelry stores, choose a Marco Island emblem and be a shining example of our exquisite home. Or buy a piece of paradise charm for those who visit regularly and longingly envision our oasis throughout their gray, frigid winters.We islanders are fortunate indeed.

Belgium may polished diamond exports 12%

Belgium may polished diamond exports 12%
Belgium's polished diamond exports in May increased 12 percent in value from 2005 to $906.3 million, according to figures released by HRD diamond office on June 14.The value of Belgium’s polished imports increased 9 percent to $732.7 million.In quantity terms, Belgium’s polished diamond exports remained flat at 825,139 carats. Belgium imported 822,300 polished carats in May, a decrease of 6 percent.Belgium did not offer statistics on rough.Year-to-date Belgium’s polished exports rose 9 percent to $4 billion in value and declined 7 percent to 3.8 million carats in volume, compared with January through May of 2005. For the five month period, Belgium’s polished imports increased 10 percent to $3.9 billion in value and decreased 8 percent to 4 million carats in volume.Year-to-date Belgium’s exports to the United States increased 11 percent to $1.3 billion, polished diamonds to Hong Kong climbed 16 percent to $564.5 million, and to Israel exports increased 11 percent to $516.2 million.The higher value of exports combined with a minimal decrease in quantity resulted in a 13 percent increase in the price per carat of Belgium's polished diamond exports to $1,098 per carat in May. The average price per carat of Belgium's polished imports increased 16 percent to $967 per carat.

Reviews

Reviews Three Years of Consumer Research in 2005 Year-in-Review
Report Analyzes Trends, Offers Strategic Recommendations Based on FindingsRequired reading for anyone in the gem and jewelry trade, the Jewelry Consumer Opinion Council e-panel 2005 Year-in-Review is available from This comprehensive, 61-page report presents key findings, analysis and insights in jewelry trends based on three years of consumer omnibus studies, and provides projections for future business and strategic recommendations for capturing a greater portion of that business in your marketplace.MVI Marketing Ltd. launched the four years ago. Today, this pioneering Internet-based market research analysis system boasts 100,000 consumers on the panel. members represent a cross-section of America's demographics. By hosting monthly surveys and client studies, MVI can track trends and buying habits before they surface in the market. "The cost of doing business has skyrocketed to such a level that to have the ability to better understand the wants, needs and desires of the consumer will help jewelers position themselves as premier jewelry retailers in their marketplace," explains Elizabeth Chatelain, Co-CEO of MVIMarketing and manager of the . "Consumers' desires often don't come close to the industry's perceptions. A tremendous disconnect still exists between the industry's perceptions of consumer preferences and what the consumer actually wants."Did you know that
Self-purchases accounted for half to as much as 90 percent of the jewelry purchased in any given month in 2005 for at least two thirds of the year.
80 percent of consumers are likely to buy jewelry for themselves anytime they see something they like, with half likely to do so shopping for others.
Valentine's Day has become a big holiday for parents to give gifts of jewelry to their children.
Prices below $200 are popular for holiday gifts with the possibility to up sell to $1,000. Mother's Day shows great promise to reach above $300.
Brand has historically been least important for consumer when buying fine jewelry. But 40 percent would consider branded silver and diamond jewelry.
Interest in diamond right-hand rings has soared. In 2003, 75 percent were unaware of the product. By February 2004, more than 42 percent owned one.
Hispanic jewelry consumers register a greater affinity for platinum, and are more likely to own a diamond right-hand ring than their Anglo counterparts.
About 75 percent of male respondents wear jewelry, and over a quarter would wear more if selection improved and they knew what was available.
Statistics indicate greater opportunity to acquire 75 percent more consumers to buy jewelry for Valentine's Day, Mother's Day, Father's Day, Graduations, and the winter holidays -- as well as other non-traditional occasions. A quarter of this untapped market is consistently undecided about fine jewelry.
But Chatelain laments that the jewelry industry's marketing and spending focus still do not come close to generating demand for alternative jewelry shopping experiences. "Smart marketers would benefit from promoting affordable jewelry ideas for these and other occasions throughout the year - giving options to those searching for what to buy," she advises

Why mine gold?

Why mine gold?
A Long time ago men had discovered a very glittering precious metal known to be the most appealing metal for jewelry. It is very important to industry and the arts and retains a unique status among all commodities as a long-term store of value. For so long it was considered essentially as a monetary metal. It is used as a deposit for value of money to be printed out by any country to be put into circulation. Gold bullions, or known as bars of gold determines the monetary value of a certain country depending on their gold deposit at the international depository bank. Without a gold reserve any money printed out by a country becomes a fiat money. An example of this is the Japanese money circulated in the Philippines during the World War II.
It was on the 20th century when gold had emerged as an industrial metal. The oldest uses of gold is in jewelries however, industrialist had discovered that gold can be used in electronic device like the printed circuit boards, connectors, keyboard contractors, and miniaturized circuitry. It is also used as a reflector of infrared radiation in radiant heating and drying devices and heat-insulating windows for large buildings. Gold applied as organometallic liquids is used for decoration.
Gold has an atomic number of 79 and atomic weight of 197 occurring naturally as a single stable isotope. Its melting point is 1,063 degrees centigrade and its specific gravity is 19.3. The "troy system" is used to determine the weight of gold and other precious metals and is based on troy ounce of 480 grains or 20 pennyweight. One troy ounce is equivalent to 1.097 ounces. One cubic inch of pure gold weighs about 10 troy ounces. Fineness of gold refers to the weight proportion of pure gold in an alloy, expressed in parts per thousand. One thousand (1,000) fine gold is 100% pure gold. Commercially traded gold bullion is usually 995 fine or higher.
The term "karat" refers to purity of the gold but is expressed on the 24ths. Thus 24 karat (24K) gold is 1,000 fine or pure gold and 10k gold is 10/24 or 41.7 percent gold. If you happen to have a jewelry made of 10K you will know that it contains only 41.7 percent gold and the rest are other metals mixed with the gold. These are called gold alloys. Gold alloys used in jewelry and certain other end uses referred to as karat gold while alloys used in dentistry and electrical devices are designated more precisely. White karat gold is usually composed of gold, copper, nickel, and zinc but there are some instances where platinum and palladium have been used as components of white gold. You will notice that most diamond jewelries are mounted on gold alloys and not pure gold because pure gold is softer. If the casing of a hard stone like diamond is pure gold, there is a tendency that the diamond will be lost if scratched.
During ancient times, when pure gold is used by the Chinese "Tael" as their currency, the only way to test whether it is pure gold is to bite it with the teeth and if it was marked with the bite then you can be assured it is pure gold.
Gold could not be found just on the surface of the earth but must require mining operation to extract it from the core of the earth. But there are some gold grains that usually appear in black sand along the river and could be extracted by using simple hand tools and implements. But these are just a superficial volume and needs simple operation called "gold panning". In Western Visayas, we had a small-scale gold extraction in Hinoba-an River, Negros Occidental. Way back in the l980's it was dubbed as the gold rush. It was said that gold in Hinoba-an was discovered when an old man from Cebu had seen a "golden cow" right at the sight of the "gold rush" and soon he secretly panned the black sand and found gold grains with a 24 karat fineness. This phenomenon was passed through a word of mouth and spread like wildfire in the town of Hinoba-an resulting to a gold rush.
Gold is mined under the ground and is usually recovered from gold ores or as a by-product in the process of refining other metals particularly copper. Gold mines usually produce a by-product like silver and a co-product like uranium. When we talked of by-product, it means that the main volume of mining reserves is gold but in the process produced silver in a smaller volume. When we talked of co-product, it and is mined simultaneously and separated through the process.
Gold is used extensively for jewelry because its physicochemical properties are essential to its function in jewelries and other end users. Gold does not tarnish or corrode in use. It is the most malleable of metals; very ductile, has a bright pleasing color; is highly reflective to infrared radiation; and to most visible spectrum alloys readily with other common metals. It has also high electrical thermal conductivity. It is also non-allergenic, remains tarnish-free indefinitely and easy to fashion because of its softness. This is also the reason why it was used in dentistry as inlays, crowns, bridges, and othodontic appliances.
Most of the mining method used for gold mining operation is the open pit method or the underground method or a combination of both. In underground mining, the specific technologies is basically cut-and-fill stoping due to the peculiar vein-type of ore deposit. The production operations include rock breaking, loading and hauling. The placer and pocket mining methods use simple hand tools and implements and are commonly employed in the small-scale gold operations reportedly at Benguet, Camarines Norte and Davao del Norte.
Mining is being feared of by many environmentalists because of its environmental hazards as experienced in the past. But the good news is, mining has its own way of developing technologies that are environment friendly through the New Mining act of l995. The new law was meant to erase the fears of mining destruction but gives assurance to people that mining operation is no longer the ghost that will haunt our future but a partner that will boost not only the economy as a whole but will redeem people of the Philippines from the quagmire of poverty.
The lawmakers who crafted the New Mining Act had given careful considerations to the welfare of the mineral-host community and proved that the environment has a regenerative capacity to regain its natural state through proper rehabilitation. The gold mining industry is one among those that had proven the sincerity of the mining business to extract gold and yet able to regenerate the area. One of the shining example of the gold mine is the Philex Gold at Sipalay-Hinobaan wherein clearings of trees that had been made when its operation is in full blast is now a beautiful man-made forest and the open pit became a fishpond teeming with fresh water fish. Water quality is at its best.
Who would live without gold? The Filipinos could not live without it. Gold jewelries are synonymous to a status symbol for the Filipinos. The Philippines need more gold bullion reserves to make the peso worthy of money exchange in the world market. But if we stop mining gold here in the Philippines, and depend our gold needs from other countries, what will happen to us? Prices here will become higher, our peso reserves will deteriorate and someday we will wake up that our peso value will no longer compete in the world market. Other industries that depend on gold alloy will have prices for their products dictated by the prices of gold in the world market.
While food is a necessity in this generation, gold is another necessity that we should not forget because it makes our money worth its price. We cannot use our money to buy food and pay for our education if there are no gold reserves at the international bank. One of the reasons why value of the Peso is devaluated is when we produce more bills and coins without the necessary reserves required by the World Bank. The reserves that are deposited there are stretch to accommodate the new bills and coins that we had produced. Correct me if I am wrong. A good economist knows this.
Western Visayas is composed of islands sitting on a mountain of gold. Gold reserves is there waiting for us to tapped it. For as long as we refuse to accept that the development of a country needs the mining industry and we do not want mining here in Western Visayas, the Filipinos will remain to be the slaves of other countries as caregivers, domestic helpers, entertainers, comfort women, factory laborers, ship cleaners because we failed to take the opportunity of maximizing the wealth of our nation and waiting for foreigners to take over our bountiful land for their own comfort.
Canada and Australia are both mining capital of the world. But Filipinos wanted to be immigrants to these countries spending thousands of pesos just to get an immigration document and live there. Are they not afraid of the mining activities there? Why are Canada and Australia so attractive? Is it because poverty is not an issue there? Mining makes Canada and Australia rich countries and it is nice to live in a rich country. So here we are Filipinos wanting to migrate to Canada and Australia and leave the Philippines sitting on its mountain of wealth. Someday, all these able bodied Filipinos will live in other rich countries and many investors coming from other countries will take over our wealth, take them away from us and make their countries more rich leaving us poorer.
Looking for gold? It is just beneath your feet. It is not at the end of the rainbow.