Metal News

GOLD JEWELRY SALES TO RISE IN SOUTH KOREA South Korea soon will be the third largest consumer market in Asia and a key market for gold jewelry, according to Far Eastern press reports. The country has a fast-growing economy, but its jewelry market had been hampered by high tariffs and restrictive laws that now are being liberalized. Most of the 80 to 160 tons of gold jewelry sold in South Korea yearly is made from metal smuggled into the country. And most of the jewelry made from the smuggled gold doesn't carry the national 10% value-added tax. LONRHO, GENCOR IN RUSSIAN VENTURE Lonrho, a London-based holding company, and Gencor, a South African mining group, have teamed up to explore and develop gold deposits in Russia, reports the Financial Times of London. Lonrho Director Joseph Platts-Mills says the joint venture could identify as much as 2,000 metric tons of gold reserves

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