Arti Saxena on World Gold Council’s India plans

World Gold Council is a global organisation dedicated to improving the understanding of the gold market and underscore gold’s value to individuals, investors, and the world at large. The Council develops standards, expands access to gold, and tackles barriers to adoption to stimulate demand and support a vibrant and sustainable future for the gold market. From their offices in Beijing, London, Mumbai, New York, Shanghai, and Singapore, they deliver positive impact worldwide.

The World Gold Council has launched several initiatives in the recent years to benefit not just consumers, but retailers and investors in the Indian gold industry. Of this, Global and India specific marketing of gold to attract the consumers and second one is the global Retail Gold Investment Principles (RGIPs), which is an ethical framework that has been designed to provide a benchmark for product providers across the global retail gold market and to encourage retail investors to place their trust in gold.

In conversation with Adgully, Arti Saxena, Head of Marketing, India, World Gold Council, gives a complete picture of the role of WGC and what are some of its strategies to expand the consumption of gold in India, the ‘You Are Gold’ campaign targeted at millennials and Gen Z women, and more.

What is the role of the World Gold Council when it comes to the consumption of gold? What steps are being taken by WGC to increase the consumption of gold?

World Gold Council is a global organisation dedicated to improving the understanding of the gold market and underscore gold’s value to individuals, investors, and the world at large. Our members are the world’s most forward-thinking gold mining companies and combining insights from them and other industry partners, we seek to unlock gold’s evolving role as a strategic asset. We develop standards, expand access to gold, and tackle barriers to adoption to stimulate demand and support a vibrant and sustainable future for the gold market. From our offices in Beijing, London, Mumbai, New York, Shanghai, and Singapore, we deliver positive impact worldwide.

The World Gold Council has launched several initiatives in recent years to benefit not just consumers, but retailers and investors in the Indian gold industry as well. Of this, Global and India specific marketing of gold to attract the consumers and second one is the global Retail Gold Investment Principles (RGIPs), which is an ethical framework that has been designed to provide a benchmark for product providers across the global retail gold market and to encourage retail investors to place their trust in gold.

As India is the second largest consumer of gold in the world, these guiding principles are essential in building confidence and trust amongst gold buyers and investors. The ‘Swarna Adarsh Abhiyaan’, the  Indian version of global RGIPs, has been developed on the basis of the guiding principles of the RGIPs.

Additionally, My Gold Guide is an online content platform developed by World Gold Council to spread awareness and education around gold. It is designed to answer all those queries and guide consumers in gold buying decisions, starting from gold prices, details about gold products, how to invest, hallmarking and much more.

Tell us more about the objective of your new film. Who are you targeting with this film?

The objective of our latest ‘You Are Gold’ campaign is to drive relevance of gold jewellery for the millennials and Gen Z women. Through our latest film, we celebrate bold women from different walks of life who are unafraid of letting their inner light shine and are precious, brilliant and bold – much like the beautiful gold jewellery they wear. Through a modern and contemporary showcase of gold jewellery, we aim to change the perception of gold jewellery from traditional to something that is modern, stylish, contemporary and a means of self-expression, in line with the mindset of today’s young consumers.

Where did you get the insights for the film? What was the brief to the agency and how did they come out with the core idea?

Our research in 2019 highlighted that young consumers are weaning away from gold jewellery. Gold has long been regarded as a symbol of material wealth in India. It is not commonly seen as a marker of meaningful expression by today’s young women. The core brief to the agency was to redefine the universality of gold, emphasising its role as an indispensable participant in the modern woman’s story.

Through the film, we wanted to celebrate the numerous stories of progressive women who are relatable, yet aspirational and never shy away from doing the things they are passionate about. The film beautifully reflects the many qualities that make them who they are, qualities that make them shine like the beautiful gold jewellery that they wear, and how they express themselves through it.

How is the new generation looking at gold and what are some of the behavioural changes you have noticed post the pandemic in the consumption of gold?

As demonstrated in the campaign, the sentiment around gold jewellery has largely evolved for the younger generations. Be it a minimalistic approach or limiting their purchases to items that are an extension of their personalities, millennials no longer view gold as a just a status symbol. As per our recent report, India’s jewellery market structure has seen rapid growth over the last few years, driven by demand from consumers aged between 18 and 45 and propelled by growing internet penetration and an increase in smartphone sales. Additionally, there is growing preference for lightweight jewellery in 18-carat gold that can be easily worn and used on a daily basis.

How has this year’s festive season been for gold jewellery?

Over the years, Indians have formed a deep cultural and emotional bond with gold and allocate a lot of significance to celebrating auspicious festivals with the precious metal. During Dhanteras and Diwali approaching, as well as the wedding season - the sentiments around gold are highly positive. And now with the ‘You Are Gold’ campaign, we are looking at further strengthening association with gold jewellery in a more modern and contemporary way.

What’s going to be your media strategy to promote your film?

This being an integrated, mixed media campaign, the promotion strategy includes television, digital, social and OTT platforms to ensure that the campaign reaches, inspires and engages with the millennials and Gen Z audiences. The film is being displayed on TV across 39 leading channels from various genres and OTT platforms such as Disney+, Voot and ZEE5. Digital and social platforms like Google display networks, YouTube, Facebook and Instagram were also a part of the media mix to drive awareness around Diwali.