In the first half of 2026, the global gold market experienced significant turbulence. Gold prices repeatedly hit new highs, fueling investment enthusiasm but also dampening jewellery consumption. As geopolitical risks escalated in the Middle East and expectations of a shift in the US Federal Reserve's monetary policy grew, gold prices saw a sharp correction. Against this backdrop, the jewellery market showed clear divergence: consumers turned away from high-premium products, leading to a sharp year-on-year decline in gold jewellery sales, with heavy-weight items under particular pressure. Conversely, gold bars and coins, representing investment demand, saw a surge, marking a shift from "buying gold to wear" to "buying gold to store." Meanwhile, the consumption mindset of the younger generation is evolving. Gold jewellery is moving from a traditional wedding necessity toward a daily "self-expenditure" product, emphasizing lightweight design and style. Looking back at this mid-year point, the narrative surrounding gold has never been more complex. The jewellery industry is undergoing a profound transformation from simply "selling by weight" to "selling culture and emotional value."
To discuss this shift, we spoke with Sachin Jain, CEO of the World Gold Council's India operations. He analyzed the current state of the Asia-Pacific gold jewellery market and shared his outlook for its future development.
On the Cultural Attributes of Gold Jewellery as a Competitive Focus
Jain noted that in India, nearly every family has a trusted family jeweller, passed down through generations. However, younger generations now view things differently. While high-end consumers may buy a luxury handbag without hesitation, when they enter a jewellery store, their first questions are about the weight of the gold and the making charge. Jewellery is still largely sold as a commodity, not a branded product. This is slowly changing with new consumer attitudes, but there is a long way to go. Most Indian jewellers do not set retail prices; they only quote the gold rate and making charge, essentially offering a commodity. Branding and luxury positioning are still very new phenomena in the gold sector. Consumers are shifting from family jewellers to more organized retailers, but this is not yet a true move toward buying brands. The real change will come when consumers start expressing their lifestyles, personalities, and self-worth through brand choices, paying a premium for design and brand value. This trend is still in its infancy, with the market at a critical inflection point.
On the Growing Appeal of Gold Among Younger Generations
Traditionally, most Indian jewellery was sold for weddings, with purchases made not only by the bride but also by friends and family. Weddings can last three to ten days, with new jewellery required for each ceremony. However, the average marriage age is around 25, and parents fund the weddings, limiting the say of the younger generation in what they wear. This is now changing. In major cities, the average marriage age is approaching 30. People are in their first or second job, choose their partners through dating, and buy wedding jewellery based on their own preferences. While gold remains central to Indian weddings—a bride in South India may wear one to five kilograms of gold—most of it stays locked in a safe for 364 days a year. Young consumers are shifting this paradigm. They want to buy jewellery they can wear daily and truly love. This creates a major opportunity, but jewellers must change their marketing to make it genuinely meaningful to consumers.
The World Gold Council is empowering jewellers through several initiatives. One program, called Highway, allows brands to participate in modern advertising campaigns. The WGC is also creating training programs for sales ambassadors to better explain the value of gold. The retail experience is changing. For example, a running shoe store might ask about a customer's foot angle to recommend the best shoe. Jewellers must similarly learn about their products and be able to tell a compelling story. The WGC is introducing future-focused retail technology to retailers. They are working with their Chinese team to explore how hard pure gold can enter the Indian market. They are also doing extensive work on visual merchandising. Many Indian jewellery stores are an average of 20,000 square feet, and the WGC is helping create dedicated zones for younger shoppers within these stores, making it easy for them to find items for themselves. The goal is to simplify the retail experience.
Finally, the WGC is working on premiumization, aiming to transform gold from a product into a brand. Retailers need the confidence to present their creations to consumers in a way that builds desire. The WGC is helping build this confidence and capability, preparing the industry for the next generation of consumers and the future market.
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