World Gold Council, GJEPC ink pact to promote gold jewellery in India

(File Image: Reuters)

The World Gold Council and Gems and Jewellery Export Promotion Council (GJEPC) have signed an agreement to promote gold jewellery in India this year, according to a statement.

Under the terms of the agreement, both the partners will jointly fund a multi-media marketing campaign that would aim to increase awareness, relevance and adoption of gold jewellery among Indian consumers, especially millennials and the new generation, GJEPC said in the statement on Monday.

Citing a report, it said although young women are active gold jewellery consumers, 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, the council said.

"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," it added.

Somasundaram PR, Regional CEO, India, World Gold Council, said both the bodies will work together on a campaign that amplifies a universal message about gold in one's life whilst positioning Indian hand-made jewellery in a modern context.

Colin Shah, Chairman, GJEPC, said the objective is to develop a sustainable model for an industry-led initiative to drive growth for gold jewellery in the market and drive consumption in India.

"I believe that, while there is a renewed interest in handcrafted gold jewellery, we need creative solutions to match the contemporary women's aesthetic sensibilities," Shah said.