The World Gold Council (WGC) will focus on India to improve the domestic consumption of gold, according to an insider. To this end, WGC has plans to launch various promotional campaigns in the country to help the industry and craftsman. The move was in the wake of the current sluggishness in the bullion market. The WGC initiatives for India were expected to boost the trade in the country besides motivating both professional and amateur gold designers, the source added. Another official, WGC manager (south) K Shriram said over 70 per cent of gold demand was catered through the WGC that has presence in 17 countries. WGC manages 21 mines in six countries. Recently, WGC in association with Ganjam Napappa & Son Pvt Ltd, a leading diamond jewellery trader launched Swarnanjali '99, a gold exhibition and campaign coupled with a fashion show. Instituted by WGC, Swarnanjali is the country's premier award given for the most outstanding gold jewellery design to recognise andreward the creativity of Indian designers.

N-E earmarked for rubber plan

The Rubber Board of India has earmarked the entire north eastern region for large-scale rubber cultivation owing to conducive climate, according to chairman KJ Mathew. Mathew, who was in Dimapur recently, said the board had earmarked around Rs six crore for the development of rubber cultivation in the north east which was 15 per cent of the national expenditure. He said due to paucity of land, rubber cultivation could not be expanded in the region, but it was well expanding in the South. He said Nagaland had potentiality to cultivate rubber in around 50,000 hectares. But at present only 700 hectares were under cultivation. He also met local rubber growers and assured all possible assistance in development of rubber cultivation by relaxing norms to improve the infrastructure, besides providing share capital to them for marketing the raw materials. Nagaland has 376 identified rubber growers, of whom only two are big growers(having more than 10 acres) with one having 170 acres and the other with 14 acres, he added.

Cambodian garment exports up

Exports from Cambodia's fast-growing garment industry jumped 96 per cent in the first-half of 1999, over the same period last year, as more foreign investors opened factories, commerce officials said on Tuesday. Garments are Cambodia's biggest export earner and is the only sector to boom over the last two years amid a generally weak economy. The value of Cambodia's garment exports surged to $275.5 million in the first six months of the year, from $140.5 million in the first-half of 1998, the officials said. Minister of commerce Cham Prasidh said there were now 270 garment factories operating in Cambodia, employing more than 100,000 workers. In 1997 there were only 70 factories. ``More foreign investors are interested in the garment industry. More factories are operating, that's why exports are higher,'' the director of the commerce ministry's trade department Mak Pich Rith toldReuters. The industry is dominated by manufacturers from South Korea, Hong Kong, Malaysia, Taiwan and Singapore. The total value of garment exports last year was $378 million compared with $227 million in 1997 and $79 million in 1996, according to commerce ministry figures.

Gold turns weak in Europe

Gold traded weakly near 20-year lows during early European business on Tuesday, holding above $252.00 support tested in Asian trade overnight but gaining little from dollar weakness, dealers said. London gold fixed at $253.00 a troy ounce in the morning, down 15 cents on Monday morning's low since May 14, 1979. Asian dealers attributed gold's overnight drop to Australian producer sales which physical demand could do little to halt, leaving prices set for a test of $250.00 some time soon. ``The rallies are getting weaker - whether it's losing impetus to do anything I don't know. It looks like they're going to have another go on the downside,'' one London dealer said, adding that $252.00 and then $250.00were the obvious targets. ``Gold is not expected to make any dramatic moves on Tuesday, with prices sitting on the lows and market participants waiting to see in which direction the next $5.00 move will be,'' said another London dealer.