World Gold Council Report: 37% of Indian Women never bought gold

On May 27, 2020, the World Gold Council released its report on Retail Gold Insights: India Jewellery Report. According to the report, around 37% of Indian women never bought jewellery.

Highlights

The report says that gold jewellery was the second most popular item among “Fashion and Lifestyle” shoppers next to clothes and silk sarees. Around 60% of Indian women already owned jewellery.

The 37% of Indian women that do not buy gold are now being seen as new target by the gold industry. Of these, 44% of the women are from rural areas and 30% are from urban.

Challenges

According to the World Gold Council, the current young Indian women show least interest towards gold ornaments. Only 33% of women in the age group 18-24 bought gold jewellery. Their future purchase intent is low.

This is a great threat to the gold market. India is one of the largest gold market in the world and decrease in gold purchase in the country will affect gold industry badly.

Month: Current Affairs - May, 2020