Thiruvananthapuram: The World Gold Council and the 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.
According to 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% 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, a press release said here on Monday.
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 agreement signed in Mumbai that “The Indian gold jewellery market is an astonishing blend of craftmanship and creativity, symbolising centuries-old manufacturing skills that have shaped our passion for gold.” “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, GJEPC, commenting on the partnership said. “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.”
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.”
“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.