INDIA: The World Gold Council and Gem and Jewellery Export Promotion Council (GJEPC) have signed 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 that would aim to increase awareness, relevance, and adoption of gold jewelry 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 jewelry consumers (33% of Indian women aged 18-24 years bought gold jewelry 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 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. 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 whilst positioning Indian hand-made jewelry in a very modern context. This should spur the Indian gold jewelry 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 jeweler to the world. Through shared goals and an aligned mission, the World Gold Council looks forward to a successful partnership with GJPEC in supporting the Indian gold industry through this generic category campaign by showcasing the cutting edge, modern contemporary gold jewelry to our consumers.”
Colin Shah, Chairman, GJEPC, commenting on the partnership said, “GJEPC is delighted to collaborate with World Gold Council (WGC) for the Nation-wide campaign to promote gold jewelry. 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 & 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 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 undisputed intrinsic value that only rises with each generation.”
McCann has been appointed as the creative partner and Motivator, Group M has been appointed as the media partner for the marketing campaign that will be rolled out in the next few weeks in India.
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