Image credit: 8180766 (Pixabay)
The World Gold Council’s “Retail Gold Insights: India Jewellery’ report highlighted that 37% of Indian women have never bought gold jewellery in the past but would consider buying it in the future, presenting a significant potential audience for retail jewellers to capture.
While 60% of Indian women already own gold jewellery; it is the second most popular item among ‘fashion and lifestyle’ shoppers, preceded only by designer clothes/silk sarees.
India’s cultural identity is greatly intertwined with gold: it is widely referenced in ancient scripts, features heavily in religious iconography and is integral to auspicious occasions, traditions, and wedding ceremonies.
While urban women tend to focus on the sense of security that gold brings, highlighting its role as a display of wealth as well as a store of value, rural Indian women place greater emphasis on gold’s widespread acceptability and its aspirational qualities, viewing it as a means of commanding respect.
Somasundaram PR, Managing Director, India, World Gold Council, commented, “India’s jewellery market is world-leading in the skills of its artisans, who craft the most elaborate and decorative pieces that adorn the nation’s women. This research shows us that consumer tastes are evolving, and there is a risk of gold jewellery losing its connection with younger audiences as other brands vying for the attention of the millennial generation. The report reveals the importance of establishing modern, relevant brands, that can resonate with consumers through compelling marketing campaigns. We at the World Gold Council are excited at the opportunities these insights present for our market and look forward to engaging with the industry in more detail.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
