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NEWS ARTICLE ENTITLED “Ghana gold exporters captured in suspicious US$2.8 billion transactions tied to Kaloti, others”.

NEWS ARTICLE ENTITLED “Ghana gold exporters captured in suspicious US$2.8 billion transactions tied to Kaloti, others”.

NEWS ARTICLE ENTITLED “Ghana gold exporters captured in suspicious US$2.8 billion transactions tied to Kaloti, others”.

Our attention has been drawn to the above-mentioned article which was published in various media on 20th September 2020.

Asanska Jewellery Limited hereby vehemently denies and refutes all the unfounded allegations, false accusations and unsubstantiated imputations raised against our reputable Company by the Writer of the Article.

The Company draws the public’s attention to the fact that the Writer’s spurious article is based on information he unlawfully extracted from leaked confidential Suspicious Activity Reports (SARs) belonging to the Financial Crimes Enforcement Network.

The said Financial Crimes Enforcement Network issued a Warning on 1st September 2020, notifying media outlets  who had intentions of publishing articles based on its leaked confidential Suspicious Activity Reports (SARs) that the unauthorized disclosure of these Reports is a crime.  (see Statement by FinCEN Regarding Unlawfully Disclosed Suspicious Activity Reports| FinCEN.gov https://www.fincen.gov/news/news-releases/statement-fincen-regarding-unlawfully-disclosed-suspicious-activity-reports).

The Article confirms that the Writer who had unauthorized access to the confidential files of the Financial Crimes Enforcement Network elected to ignore the issued Warning and unlawfully used the information to cast baseless aspersions on our reputable company.

It is a fact that Suspicious Activity Reports (SARs) are generated by Banks in compliance with financial regulations. The Writer admits in his article, that “The fact that a person or a company is named in a SAR is not evidence of wrongdoing.” 

It is therefore preposterous that the Writer who also admits that Asanska Jewellery Limited has not been charged with any criminal offence by any regulatory body or law enforcement agency either locally or internationally then calls for an investigation based on matters he raises within the limited purview of his imagination.

Asanska Jewellery Limited is committed to maintaining the sterling reputation it has built over the years as a world class trustworthy Ghanaian company.

We therefore urge our Customers, Business Associates, and the General Public to ignore the Article and treat it with the utmost contempt it deserves.

Signed: Management

New survey highlights substantial opportunities for gold

New survey highlights substantial opportunities for gold

New survey highlights substantial opportunities for gold

The World Gold Council today launched its new consumer research report highlighting opportunities for gold for those working in both retail investment and jewellery markets. The significant piece of research, with an 18,000-strong sample, looks at a range of markets including China, India, North America, Germany and Russia, and highlights unique insights into attitudes towards and perceptions of gold; how and why people buy gold, and also their reasons for not buying.

The new piece of research reveals gold is a mainstream choice – the third most consistently bought investment, with 46% of global retail investors choosing gold products, which is just behind saving accounts (78%) and life insurance (54%). Looking at jewellery, the survey shows that 56% of consumers have bought fine gold jewellery, compared to 34% who have bought platinum jewellery.

In addition, the new research reveals that more than a third (38%) of retail investors and fashion enthusiasts have never bought gold in the past but are warm to the idea. This shows a huge potential for the gold market to grow if untapped sources of demand can be converted.

 

In summary, five key themes emerged in the report:

People have confidence in – and are loyal to – gold

More than two-thirds (67%) of all retail investors believe that gold is a good safeguard against both inflation and currency fluctuations, and 61% trust gold more than fiat currencies. The industry should build on that confidence, while staying alert to areas where it is weaker.

Areas of mistrust

While people have confidence in gold, there is some mistrust among those that have never bought gold in the past, but are open to the idea of buying it in the future, with 48% and 28% of all potential investment and jewellery consumers respectively citing lack of trust as a significant barrier. That could be mistrust around fake or counterfeit bars and coins, product purity, or the trustworthiness of some retailers.

Gold can resonate more deeply among younger consumers

Millennials’ attitudes towards gold are not so different to those of older generations. But there are perceptual misgivings among the younger Gen Z audience, misgivings which are particularly pronounced in China’s jewellery market. For example, 40% of 18-24 fashion buyers in China agree that gold can bring good luck compared to 88% for those aged between 55-65.

Technological innovation can create a route to new audiences

We know there are some pioneering, tech-savvy players in the gold market. But our data suggests there are too few. Gold compares poorly to other retail investments and fashion items when looked at through the lens of digital distribution, marketing and communications. Global retail investors only buy 9% of gold coins and 6% of jewellery online, compared with 25% of gold-backed ETFs.

There are knowledge gaps in the minds of potential gold buyers that need to be filled

Two thirds (66%) of potential gold consumers globally say they lack the necessary knowledge to buy gold. Greater awareness of gold needs to be created through TV, print and social media; quality education is required on the benefits of owning gold; and, while it is not a mainstream issue now, the next generation of potential gold buyers need to know more about the industry’s ethical credentials.

David Tait, Chief Executive Officer at the World Gold Council, commented: “The retail gold market is healthy, with gold being considered a mainstream choice. But what really excites me is the untapped part of the market: those people who have never bought gold but are warm to the idea of doing so in the future.

“Two issues need to be addressed to engage with these potential gold buyers:  trust and awareness. This market can flourish if we can build trust across the broad spectrum of gold products being sold and raise awareness around the positive role gold can play in protecting people’s wealth.

Foreign investors cautioned against gold scammers

Foreign investors cautioned against gold scammers

Foreign investors cautioned against gold scammers

Foreign investors in the gold industry have been advised to be cautious of scammers in the country who pose as miners or exporters to defraud them. The Chairman of the Association of Gold Exporters of Ghana, Mr. Kwabena Asante-Asare, gave the advice during the opening of a two day international forum for stakeholders in the gold industry in Accra yesterday.

“There are a lot of scammers in the system,” he said, adding that the miscreants usually offered outrageous and unrealistic discounts to unsuspecting gold buyers. He urged foreign investors not to engage in gold transactions in hotels and other unauthorised places but rather deal with licensed miners, exporters or a member of the gold exporters association.

“When in doubt about any gold deal, you must consult the Minerals Commission of Ghana,” he told the investors.

Challenges

Between 2013 and 2016, Mr Asare said the country, produced and exported more than eight million ounces of gold, with small-scale miners contributing about four million to it. He said since the mineral was not renewable, it was prudent to ensure proper regulation of the sector.  

Forum

The event, known as the Global Gold Dore Forum 2017 (GGDF), is an annual forum which brings together gold miners, dore exporters, refiners and other suppliers from West African countries, Democratic Republic of Congo, Tanzania, India, UEA, Turkey and South America. It is organised by Foretell Business Solutions, an Indian research firm that provides advisory services on commodities and has 175 delegates representing 18 countries. It provided the platform for stakeholders to share ideas and knowledge on the best practices.  

Minerals and Mining Policy

Addressing the participants, the Chief Executive Officer (CEO) of the Minerals Commission, Dr Toni Aubynn, said Ghana had unveiled its minerals and mining policies to address various concerns in the mining industry and to ensure that mining contributed to the sustainable development of the country. He said policies such as the adoption of revised minerals and Mining Act 703 was to provide connected purposes of investors in the country, adding that the implementation of a digital mining system in the few months would also allow investors to sit in the comfort of their homes and apply for a licence to do business in the country. He observed that investors did not consult the appropriate sources for assistance but only reported to the commission when the situation was out of hand. “We have received complaints of scam and we appeal to investors to seek the right channel to do their business. We do not want the situation where an investor will report a scam and end up hating the country”, he said.  

Potential Investors

In order to deepen the transparency, he said, the country was establishing a laboratory that would enable one to know the number of gold exported from the country and that would also ensure feasibility and accountability in the mining sector. Dr Toni Aubynn, therefore, underscored the  potential of the country’s free and fair general election to attract investors into the country. “Investors tend to look at the political stability of a country, and Ghana is one of such countries,” he said. For his part, the President of Foretell Business  Solutions Private Limited (FBSPL), Mr Srivatsava Ganapathy, said the gold mining industry had grown in size and had created employment for the youth in the country. He urged the members to share ideas to enrich themselves with knowledge on the mining sector. At the end of the opening ceremony, three personalities were honoured for immensely contributing to the promotion of the mining sector and they included the Chief Executive Officer of Sakti Trading Group (STG), Mr Hari Iyer; the Chairman of Association of Gold Exporters of Ghana, Mr Kwabena Asante-Asare; and the Chief Executive Officer of the Minerals Commission, Dr Toni Aubynn.