NE BUSINESS BUREAU
NEW DELHI, MAY 27
A World Gold Council (WGC) report on Wednesday said that there is an ample scope for retail demand of gold jewellery in the country as around 37 per cent of Indian women have never bought gold but would consider purchasing in the future.
The WGC’s ‘Retail Gold Insights: India Jewellery’ report also noted that 60 percent of the Indian women already own gold jewellery and it is the second most popular item among ‘fashion and lifestyle’ shoppers, preceded only by designer clothes and silk sarees.
“Nevertheless, the gold industry has an opportunity to reach a significant new audience: 37 per cent of Indian women are potential buyers, representing a sizable new target audience for the gold jewellery industry. 44 per cent of rural respondents fell into this category, compared with 30 per cent of urban respondents, it said.
Further, 40 percent of respondents had bought gold jewellery in the preceding 12-month period, eclipsing purchases of diamond or platinum jewellery.
The survey found that 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 and rural Indian women place greater emphasis on gold’s widespread acceptability and its aspirational qualities, viewing it as a means of commanding respect.
Although many young women are active gold jewellery consumers, 33 percent of Indian women aged 18-24 years bought gold jewellery in the 12 months preceding the survey their future purchase intent is low, particularly in urban areas.
Somasundaram PR, MD, India, World Gold Council, said: “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.”
