With a rich background in the diamond industry and a keen understanding of market dynamics, Sachin Jain is set to bring a fresh perspective to India’s gold sector as the Regional CEO, India at the World Gold Council.
Congratulations on your new role at the World Gold Council. Can you share with us your initial thoughts and emotions upon receiving this appointment?
Thank you for the warm wishes. I am excited about my new role and looking forward to my journey with the World Gold Council. I feel honoured and privileged to lead the World Gold Council’s activities in India which is one of the largest markets for gold globally. I am deeply committed to contributing positively to the gold industry’s growth and sustainability.
How will your experience with one of the world’s leading diamond companies influence your approach towards the gold industry in India?
My experience at De Beers has equipped me with valuable insights into consumer behaviour, market dynamics, trends, and strategic thinking, which I believe will be beneficial in my approach towards the gold industry in India.
While diamonds and gold are quite distinct markets, there are some overlaps, especially in the jewellery segment and consumer sentiment. I aim to leverage this cross-sector knowledge to drive innovative strategies and initiatives that resonate with the Indian consumers and elevate the perception and desirability of gold.
With your extensive background in retail, could your appointment signal a strategic shift for the World Gold Council in India to enhance consumer-centric, jewellery-led initiatives for gold?
My background in retail industry positions me well to champion consumer-centric initiatives for gold as investment and jewellery in India. The World Gold Council is committed to enhancing consumer trust and promoting gold as an asset while exploring innovative ways to showcase the intrinsic value of gold jewellery. Wanting to ensure it remains a cherished possession while also aligning with contemporary trends and lifestyles.
According to WGC’s Q1 report, high gold prices have led to increased demand for 18k diamond and colour gemstone studded jewellery in India. Do you believe this product mix would lead to reduced gold content in the short to medium term?
The evolving demand for 18k diamond and gemstone-studded gold jewellery in India is indeed an interesting trend. The demand for this segment is largely fuelled by millennials and first-time buyers. While it may impact the product mix in the short to medium term, I believe it presents an opportunity rather than a challenge. Evolved consumers on the other hand look at investment and jewellery of higher grade for superior purity. Gold industry has always been adaptable, and we can explore creative ways to incorporate diamonds and gemstones while maintaining its inherent value. Our focus will remain on promoting gold’s timeless appeal and versatility while responding to changing consumer preferences.
As the Regional CEO, how do you intend to strengthen the WGC’s engagement with stakeholders and promote responsible practices in the industry?
Strengthening stakeholders’ engagement and promoting responsible and sustainable practices are paramount for the long-term growth of the gold industry. We are committed to fostering collaborations with industry players, regulators and government to drive positive the change. At World Gold Council, I intend to prioritise initiatives that promote ethical sourcing, transparency, and environmental sustainability across the gold value chain and also look at driving innovation and responsible growth of the market.