The World Gold Council (WGC) and Gem and Jewellery Export Promotion Council (GJEPC) have signed an agreement to promote gold jewellery in India in 2021.
Under the terms of the agreement, both partners will jointly fund a multi-media marketing campaign that would aim to increase awareness, relevance and adoption of gold jewellery amongst Indian consumers, especially millennials and gen Z.
The World Gold Council’s Retail Gold Insights: India Jewellery report released last year revealed that although young women are active gold jewellery consumers (33 percent of Indian women aged 18-24 years bought gold jewellery in the 12 months preceding the survey in 2019), their future purchase intent could be higher. This is especially true in the urban areas and could be achieved if the gold jewellery 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 jewellery more relevant and contemporary, leading to a consequential shift. This joint partnership will work to make gold jewellery more relevant and desirable through an evocative multi-media campaign.
Somasundaram PR, Regional CEO, India, World Gold Council, commented on the partnership: “Indian gold jewellery is 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.”
Colin Shah, Chairman, GJEPC, commenting on the partnership said , “While there is a renewed interest in handcrafted gold jewellery, we need creative solutions to match the contemporary woman’s aesthetic sensibilities. 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.”
