The World Gold Council has conducted a study to assess the current state of hallmarking in India.
Our intention was threefold:
- To evaluate the existing hallmarking system
- To stimulate debate around how best to strengthen hallmarking processes
- To demonstrate the benefits of an effective hallmarking infrastructure.
Gold jewellery demand was worth US$100 billion in 2014, and accounted for over half of global demand for gold.
Rooted deeply in a diverse tapestry of cultural traditions the aspiration to own and give gold in the form of jewellery transcends generations and national boundaries. The three largest markets for gold jewellery, China, India, and the US, each accord it a unique cultural significance. Acquiring jewellery is connected to celebrations, relationships, self-expression, and hopes for the future in these countries
Gold is radiant, malleable, pure and untarnishable. These physical qualities alongside its intrinsic value have encouraged elite designers to both reinvent the classics and take gold design in new directions. Tapping into this new trade in gold, the World Gold Council created the digital platform and brand: LoveGold™, as a place to discover the most beautiful gold jewellery being made, desired, given and worn today.
Chinese society views purchasing gold jewellery as sound financial foresight which promises to bring good fortune. The majority of Chinese consumers buy high purity 24 carat gold jewellery, giving their purchases more enduring financial value.
The age of first acquisition of gold in China is getting younger, as the rising generation of Chinese millennials turn to gold to demonstrate their aspirations and identity. They are now becoming a dominant force in the gold and luxury goods market.
With Indian designers including Tarun Tahiliani, we introduced Azva™, modern gold wedding jewellery inspired by the Seven Vows of the Indian wedding.
Gifting gold is a deeply ingrained part of marriage rituals in Indian society, and over the next decade, there are likely to be 15 million weddings per year in India, where more than half of the population is under 25. Azva™ appeals to younger, more affluent Indian brides, who want pieces that are modern, but reflect their heritage and culture; jewellery that expresses their new identity.