Indian gold jewelry market | Mines to Market

The World Gold Council and Gem and Jewelry Export Promotion Council (GJEPC) entered an agreement to promote gold jewelry in India in 2021. Under the terms of the agreement, both partners will jointly fund a multi-media marketing campaign. The main aim of the campaign is to increase awareness, relevance, and adoption of gold jewelry amongst Indian consumers, especially millennials and gen Z. According to World Gold Council’s ‘Retail Gold Insights, young women are active gold jewelry consumers. This is especially true in the urban areas and could be achieved if the gold jewelry trade could tap into consumers’ desire for self-expression and prestige. This finding presents an opportunity for the gold industry to work collectively to make gold jewelry more relevant and contemporary, leading to a consequential shift. This joint partnership will work to make gold jewelry more relevant and desirable through an evocative multi-media campaign. Somasundaram PR, Regional CEO, India, World Gold Council, commented on the partnership: “The Indian gold jewelry market is an astonishing blend of craftsmanship and creativity, symbolizing 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. Colin Shah, Chairman, GJEPC, expressed his pleasure in collaborating with World gold Council. He said “ WGC’s broad experience and deep knowledge of the factors driving market change, will certainly help craft a campaign that will drive gold jewelry consumption among the millennials and Generation Z consumers. I believe that, while there is a renewed interest in handcrafted gold jewelry, we need creative solutions to match the contemporary woman’s aesthetic sensibilities. We are moving towards the age of personalization and self-expression, and desirable gold jewelry designs have to address that need. The campaign would bring alive the modernity and versatility of gold to consumers reinforcing the value of gold.” 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. What better metal than gold to create heirlooms for the future, crafted with ancient techniques that are linked to our rich history, but articulated with a modern design lexicon so as to inspire the new generation. And the cherry on the cake is gold’s the undisputed intrinsic value that only rises with each generation.”

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