The seminar on Retail Gold Investment Principles and You Are Gold Campaign By World Gold Council (WGC) was moderated by Sumesh Wadhera, Managing Director & Chief Editor, The Art of Jewellery with panellists Somasundaram PR, Regional CEO, India, WGC and Arti Saxena, Head of Marketing, India, WGC.
The gold industry, jewellery, in particular and retail jewellers to be precise, face a huge trust deficit from all stakeholders. This phenomenon is not only confined to India, but global as well. Even mature gold markets have a caveat, buy at your own risk. To address this issue, the WGC has made ambitious plans to launch an initiative for the industry to be governed on principles on a global platform. It is called the retail gold investment principle (RGIP). It is for the industry, by the industry and governed by the industry. It is ready to initially take up the entire funding in setting up a Self Regulatory Organisation (SRO) and run by an independent set of people. An organization like AMFI or Nasscom for the gold industry. The Suvarna Aadarsh Abhiyan will be driven by the SRO. It will also set up a Code of Conduct for the industry, not imposed by any authority but coming from within the industry. It is a bold initiative made ambitious plans to launch an initiative for the industry to be governed on principles on a global platform. It is called the retail gold investment principle (RGIP). It is for the industry, by the industry and governed by the industry. It is ready to initially take up the entire funding in setting up a Self Regulatory Organisation (SRO) and run by an independent set of people. An organization like AMFI or Nasscom for the gold industry. The Suvarna Aadarsh Abhiyan will be driven by the SRO. It will also set up a Code of Conduct for the industry, not imposed by any authority but coming from within the industry. It is a bold initiative to change the way the industry is perceived as well as even advise the government on sticky issues like hallmarking, GMS, GST et al.
Alarmed by the steady decline in gold demand over the last decade or so, the WGC’s latest marketing initiative targets millennials and the Generation Z. WGC realized that one cannot assume that Indians would buy gold forever. Somasundaram PR pointed out the decline in big gold markets like Italy, Saudi Arabia and Japan, once considered permanent fixtures in the gold industry. Arti from WGC also commented on the growing disconnect millennials are with gold. The new marketing initiative `You Are Gold’ keeps the legacy of gold in mind. The advertisement campaign involves adding a new meaning to traditional occasions, relationships, etc, in the wake of new values, ambition, and keeping women as the target audience in the campaign. Arti Saxena added that one has to keep in mind that for the newer generation, career and friendship had more relevance in their life than blood relations or formal family groups. The WGC has targeted audiences across media, (print as well as TV channels), digital platforms, social media using influencers and achievers to convey the message.