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World Gold Council, GJEPC partner for gold jewellery marketing in India
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SME Times News Bureau | 12 Jul, 2021
The World Gold Council and 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.
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 per cent 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.
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 council said in a statement.
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: "The Indian gold
jewellery market is an astonishing blend of craftsmanship and
creativity, symbolising 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.
"The Indian gold jewellery 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."
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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