Exclusive Interview with Sachin Jain, CEO India, World Gold Council: Self-indulgent Consumption Drives New Trend in Asia-Pacific Gold Jewelry

In the first half of 2026, the global gold market experienced dramatic turbulence: at the beginning of the year, gold prices soared to multiple record highs, which not only fueled investment enthusiasm but also somewhat suppressed gold jewelry consumption. Subsequently, as the situation in the Middle East continued to escalate and geopolitical risks intensified, the market’s expectations for a shift in the Federal Reserve’s monetary policy triggered a sharp correction in gold prices. Against this backdrop, the gold jewelry consumer market has shown clear polarization: ordinary consumers are “voting with their feet” against high premiums, leading to a significant year-on-year drop in gold jewelry consumption, with sales of heavy-weight gold pieces under pressure; on the other hand, consumption of gold bars and coins—a testament to their investment value—has surged against the trend, with the market shifting from “buying gold to wear” to “buying gold to store.” At the same time, the consumption concepts of the younger generation are evolving; gold jewelry is gradually transitioning from a traditional wedding necessity to a “light, highly designed” product aimed at daily personal enjoyment. Looking back at the mid-year point, the narrative around gold has never been so complex, and the gold jewelry industry is undergoing a profound transformation from merely “selling weight” to “selling culture and emotional value.”

We interviewed Sachin Jain, CEO of World Gold Council India, to analyze the current development status of the gold jewelry market in the Asia-Pacific region and to provide an outlook on the future development direction of the gold jewelry industry across Asia-Pacific and the globe.

Sina Finance: Over the past few years, the competitive landscape of China’s gold jewelry industry has undergone significant changes. Some brands with notable brand strength and cultural attributes have gained market recognition. Meanwhile, India, as an ancient civilization, has a deep heritage in gold jewelry, and many brands with historical and cultural characteristics have also achieved international acclaim. Do you believe that the cultural attributes of gold jewelry will become one of the key areas of competition in the Asia-Pacific and global gold jewelry markets in the future?

Sachin: In India, almost every family has a family doctor and a family jeweler. The family jeweler is passed down through generations and is trusted unconditionally. But now, the younger generation perceives things differently. This is an interesting feature of India.

Another significant feature in India is that high-end consumers may purchase a luxury handbag without blinking an eye, but when entering a jewelry store, the first question is: what is the gold weight? What is the craftsmanship fee? In the Indian market, jewelry is sold as a commodity (not as jewelry). With the changes in consumption concepts among young people, this situation is slowly changing, but there is still a long way to go. Most jewelers in India do not have retail prices; they only have the gold price and a processing fee, essentially providing a commodity. Branding and luxury positioning are very new phenomena in today’s gold market.

Consumers are shifting from family jewelers to more organized jewelers, and this is indeed happening, but it is not yet true brand purchasing. For example, if you were born in New Delhi but work in Bangalore, your family jeweler isn’t there, so you turn to organized jewelers for your gold purchases. However, in your heart, you’re still purchasing based on gold weight and processing fees. Even though these are organized businesses, they aren’t true brands in the full sense.

We are on the brink of change—design, branding, and other factors are becoming increasingly important, with consumers now willing to pay premiums. In the future, branded niches will emerge, and consumers will use brands to truly express their lifestyles, personalities, and self-worth. This is a very important trend, but it is still in its early stages; the current market stands at the threshold of transformation.

Sina Finance: For a long time, gold jewelry was typically considered more favored by middle-aged and elderly consumers, while younger people preferred diamonds and colored gemstones. In recent years, with the ongoing development of gold jewelry brands and the intrinsic value-preservation and appreciation attributes of gold, its popularity among young people has been on the rise. Do you think this will become a long-term trend? How are Indian gold jewelry brands and the industry deepening their connection with young consumers, and what efforts has the World Gold Council made in this respect?

Sachin: Traditionally, most jewelry in India was sold for weddings. And it’s not just purchased by the bride—friends and family all buy jewelry, everyone preparing for the grand occasion. A typical wedding in India lasts three days, while a more lavish affair may last ten days, with ceremonies held daily requiring new jewelry to be worn each day, making jewelry very important. However, the average age for marriage in India is around 25, which is very young. These grand weddings are funded by parents, and as the child, you don’t have much say in what you wear.

This is now changing. In some metro areas, the average marriage age is approaching 30, people are in their first or second job, and partners are chosen for love rather than family arrangement. Therefore, the way jewelry is purchased for weddings is increasingly based on personal preference, and the belief “I must buy gold jewelry entirely in a traditional way” is changing.

Gold remains important in Indian weddings. In southern India, a bride might have to wear at least about one to five kilograms of gold at a time. But in daily life, most of this jewelry is locked in safes, taken out only once a year to wear at another wedding.

Younger consumers are changing this paradigm—they want items they will actually wear and love in their daily lives. The opportunity is there, but jewelers must now change their marketing methods to make it truly meaningful for consumers.

The World Gold Council is taking several initiatives to empower jewelers.

First, we have an initiative called “Highway,” which allows both brands targeting high-end consumers and brands focusing on the mass market to participate. All of our advertising campaigns are tailored for the modern consumer market, allowing different brands to attach their own logos and products, using this advertising content to reach customers. The World Gold Council is making every effort to create training programs for sales ambassadors to help them better introduce gold to customers.

When consumers enter a store and ask for the gold jewelry price, untrained staff might just pull out a calculator and say, “10 grams, 2% processing fee, thank you.” We are now changing this, as the retail experience evolves. As a running enthusiast, when I go to buy running shoes, the sales assistant asks me, “What’s the inclination angle of your foot?” Our conversation is not merely about buying sneakers; he’s trying to assess my running gait to recommend shoes. If that’s the standard for buying shoes, then when you’re selling jewelry, you had better know your product and have stories to tell.

The World Gold Council is also bringing in a lot of forward-looking retail technology to retailers. We are now working with our teams in China to explore how “hard pure gold” can be introduced into India. We are also doing a lot of work in visual merchandising. Typically, gold jewelry stores in India have an average area of 20,000 square feet; we are setting up sections in each store specifically for young people, so if you come in looking to buy something for yourself, it’s easy to do so. Our goal is to make retailing simpler.

We are also committed to upgrading the sector to a more high-end direction, transforming gold jewelry from a product into a brand in the future. Retailers can create all sorts of products, but more importantly, they must have the confidence to present them to customers. What the World Gold Council does is help them build this confidence and capability so that they’re ready for the next generation of consumers and prepared for the future market.

Editor: Zhu Henan