The World Gold Council (WGC) and the Gem & Jewellery Export Promotion Council (GJEPC) have inked an agreement aimed at promoting the versatile and contemporary appeal of gold jewellery to bolster demand from younger Indian consumers. 

The deal stipulates the funding by both agencies of a multimedia marketing campaign to increase awareness and relevance of gold jewellery in India, particularly for millennials and Gen Z buyers.

WGC’s 2020 Retail Gold Insights report on Indian Jewellery revealed that although young women are active gold jewellery consumers, with 33 per cent of Indian women aged 18 to 24 years buying 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.

The findings present an opportunity for the gold industry to work collectively to make gold jewellery more relevant and contemporary, leading to a consequential shift, according to the councils.

The WGC-GJEPC partnership will work to make gold jewellery more important and desirable through an evocative multimedia campaign.

Som Somasundaram PR, regional CEO, India at WGC, said Indian consumers’ buying habits are constantly changing and marketing efforts play a critical role in creating a narrative that addresses consumers’ need 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 moments that younger audiences cherish. We are working together with GJEPC to create this crucial link,” noted Somasundaram. “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.”

Colin Shah, chairman of GJEPC, remarked, “While there is a renewed interest in handcrafted gold jewellery, we need creative solutions to match the contemporary woman’s aesthetic sensibilities. We are moving towards the age of personalisation and self-expression, and desirable gold jewellery designs have to address that need.”

The new marketing campaign will be rolled out over the next few weeks in India, according to the agencies.