WGC: 37% of Indian Women Has Not Purchased Gold Jewellery

SEATTLE (Scrap Monster): The ‘Retail Gold Insights: India Jewellery’ report published by the World Gold Council (WGC) states that over one-third of Indian women have not yet purchased gold jewellery, but would consider buying it in future. This offers a huge potential for gold jewellery market in the country in future.

The report notes that nearly 60% of the Indian women population already owns gold jewellery. This is the second most popular item among shoppers, next only to designer clothes. The Indian gold jewellery purchases are traditionally linked to cultural events and religious sentiments. The yellow metal is an inevitable ingredient of wedding ceremonies as well.

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Nearly 40% of Indian women have purchased gold jewellery in the past 12-month period. The purchases have surpassed those of diamond and platinum jewellery. The report says that 44% of rural Indian women population consider buying gold jewellery in future, whereas the percentage of urban women falling in this category is 30%. The urban women tend to be attracted by the sense of security that gold brings in, whereas rural women consider it as a means of gaining respect.

The WGC report highlights the need for gold industry to adapt, adjust and improve to meet the diverse demands of different groups of Indian women.