Surat : India’s gold jewellery market is all set to get a major boost. For the first time, the World Gold Council (WGC) and Gems and Jewellery Export Promotion Council (GJEPC) have entered into a strategic partnership for generic marketing of gold jewellery in India.
An agreement to this effect was signed between WGC and GJEPC, where both the parties would jointly fund a multi-media marketing campaign to increase awareness, relevance and adoption of gold jewellery amongst Indian consumers, especially millennials and generation Z.
According to the WGC’s ‘retail gold insights’ report released last year, the future purchase of gold jewellery by the women could be higher. In 2019, 33% of Indian women aged 18-24 years bought gold jewellery in 12 months period in India. Majority of the gold jewellery sale was registered from the urban areas.
Somasundaram PR, Regional CEO, India, WGC said, “The Indian gold jewellery market is an astonishing blend of craftmanship and creativity, symbolising centuries-old manufacturing skills that have shaped our passion for gold. However, buying habits are constantly changing and marketing efforts of many products create a strong appeal addressing consumer instincts for experiences and instant gratification.”
Indian gold jewellery linked largely to planned buying for traditional occasions, may be missing a crucial link to many other life-worthy moments that younger audiences cherish.
“We are working together with GJEPC to create this crucial link. Together we will work on a campaign that amplifies a universal message about gold in one’s life whilst positioning Indian hand-made jewellery in a very modern context. This should spur the Indian gold jewellery industry to act in unison to compete at the top end of the curve in the evolving consumer preferences, and create a strong global influence as a jeweller to the world.” Added Somasundaram.
Colin Shah, Chairman, GJEPC, said, “The objective is to develop a sustainable model for an industry led initiative to drive growth for Gold Jewellery in the market; maintain high desirability and drive consumption amongst consumers in India. I am confident , WGC’s broad experience and deep knowledge of the factors driving market change, will certainly help craft a campaign that will drive gold jewellery consumption among the millennials and Generation Z consumers.”
Milan Chokshi, Convener, Promotions, Marketing & Business Development, GJEPC said, “Although reverence for gold in India goes back centuries, being woven into mythology, sacred ceremonies and weddings, of late we have seen an emotional disconnect from gold among the Millennials and Gen Z. Making gold relevant to them is the underlying aim of this campaign supported by the GJEPC and World Gold Council.”