Demand for gold jewellery added US$70 billion to the global economy in 2012, and accounted for nearly 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, malleability, pure and untarnishable. These physical qualities alongside its intrinsic value have driven elite designers to both reinvent the classics and take gold design in starkly new directions. Tapping into this new trade in gold, the World Gold Council has created the digital platform and brand: LoveGold™. It is 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 karat 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.