London-based World Gold Council (WGC) and Mumbai, India–based Gem & Jewellery Export Promotion Council (GJEPC) have inked an agreement to promote gold jewelry in India this year. As part of the agreement, the two organizations will fund a multimedia marketing campaign to raise awareness of gold jewelry in Indian consumers, specifically millennials and Gen Zers.
According to a World Gold Council study released last year entitled “Retail Gold Insights: India Jewellery,” although young women buy gold, only about 33% of them bought gold in the 12 months preceding the survey in 2019. Indians’ purchasing of gold has historically been quite robust—it’s an especially popular gift for weddings and is considered an investment—but the study revealed that this purchase rate could be higher, particularly among younger people in urban areas.
Somasundaram PR, regional CEO, India, of the World Gold Council, said in a statement: “The Indian gold jewelry market is an astonishing blend of craftmanship 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. Indian gold jewelry, 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 while positioning Indian handmade jewelry in a very modern context.”
GJEPC is equally enthusiastic about driving up gold sales. Colin Shah, chairman of GJEPC, said in the same statement, “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 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 toward 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 of promotions, marketing and business development for GJEPC, explained that although Indian demand for gold goes back centuries and is substantially higher than in other countries, younger generations are showing a bit of apathy toward the metal. “Making gold relevant to them is the underlying aim of this campaign supported by the GJEPC and World Gold Council,” he said in the same statement. “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 undisputed intrinsic value that only rises with each generation.”
McCann has been named as the creative partner for the campaign, and Motivator, Group M, has been appointed as media partner. The campaign will be rolled out in next few weeks.
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