World Gold Council (WGC) and Gem and Jewellery Export Promotion Council (GJEPC) have signed an agreement to promote gold jewellery in India.
Both partners will jointly fund a multi-media marketing campaign that will aim to increase awareness, relevance and adoption of gold jewellery among Indian consumers, especially millennials and gen Z.
WGC's 'Retail Gold Insights: India Jewellery' report released last year showed that although young women are active gold jewellery consumers (33 per cent of Indian women aged 18 to 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.
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.
The joint partnership between WGC and GJEPC will work to make gold jewellery more relevant and desirable through an evocative multi-media campaign.
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.