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WGC releases ‘India Gold Market – Reform and growth’

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The World Gold Council (WGC) has published a new report titled ‘India Gold Market – Reform and growth’. The report explores the key factors that shape India’s gold demand and supply, as well as the challenges and opportunities for the future. The new report covers various aspects of India’s gold market, such as: The drivers of Indian gold demand, jewellery demand and trade, jewellery market structure, gold investment market and financialisation, bullion trade, gold refining and recycling, and gold mining in India.

In the report foreword, Juan Carlos Artigas, Global Head of Research, World Gold Council, said: “In 2017 we produced “India’s Gold Market – evolution and innovation’. A lot has changed since that report was published. This compendium of updated reports delves deeper into key factors that underpin India’s position as the second largest gold consumer in the world: it studies the drivers of gold demand and the perception of consumers; it examines the new investment landscape: and it considers the complex issue of gold supply.

“Few of the global events that have rocked societal and geopolitical stability could have been imagined when our 2017 report was published. That India has had to adapt is not surprising, but the rate at which change is happening in the country is, arguably, unprecedented.

“Despite – or perhaps because of – macroeconomic uncertainties, India’s population resolutely turns to gold. Weddings and festivals are key drivers of gold demand and the country is one of the world’s largest bar and coin markets. There is no doubt that gold retains prominence in the social and financial life of many Indians, both urban and rural.

“The years ahead will present challenges. But rather than thinking them onerous, we believe there is tremendous opportunity for gold. Regulation of India’s jewellery industry has already made huge strides in building consumer trusts. If new export markets can be developed, the current fragile platform – 90% of jewellery exports go to just five countries – will be diluted. More accessible banking offers a possibility to reach investors who have long understood gold’s safe-haven qualities but now find themselves negotiating a plethora of choice. And in the longer term, the Gold Monetisation Scheme, proposed legislative changes in the mining industry, and resolution of recycling traceability issues may reduce India’s reliance on imported gold.

“As we look ahead with optimism, the insights in this report will help us ensure that gold retains or even increases its relevance to India’s economy – generating further employment and continuing to play its roles as an adornment and an effective portfolio diversifier and hedge against inflation

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JB Insights

From Customer Intelligence To Autonomous Growth Intelligence: Deepansh Bhargava Senior Vice President & Head Marketing at VBJ

From Customer Intelligence To AI-powered Growth Decisions, The Next-Gen CDP Is Built To Create Measurable Incremental Value.

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For the last 6 years, Customer Data Platforms have transformed how brands understand their customers. They have brought fragmented data together, created unified customer profiles, enabled segmentation and made personalisation more intelligent. But the next evolution of CDPs will not be defined by how much customer data they can organise. It will be defined by how intelligently AI can convert that data into consumer value and incremental business outcomes.

The shift is from Customer Intelligence to Growth Intelligence.

Businesses today know more about their existing customers than ever before their purchase history, frequency, preferences, lifetime value and likelihood of buying again. Yet the larger opportunity lies in moving beyond what customers did to understanding what they need next, where their behaviour is changing and where the next phase of growth will come from. This also requires a sharper focus on incrementality.

Revenue, ROAS, conversions and engagement tell us what happened. But they do not always tell us how much of that outcome was created because of an intervention and how much would have happened anyway.

That difference is the Delta. AI can help take CDPs beyond systems of customer intelligence and turn them into systems of consumer and commercial decision intelligence. Instead of simply identifying customers with a high propensity to purchase, an intelligent growth system could identify intent, unmet needs and moments that matter then evaluate opportunities across acquisition, retention, frequency, basket size, category penetration, pricing, media, events and geography to identify where the highest incremental growth opportunity lies.

Growth intelligence should also help businesses identify where growth is likely to disappear. Early signals from customer behaviour, categories, geographies or spending patterns could reveal risks long before they become visible in the P&L. AI could identify the source of the risk, estimate its potential commercial impact and recommend interventions to change the trajectory. This is where the future becomes particularly interesting.

AI should not just predict customers. It should increasingly help predict the business.

The next generation of AI agents could continuously monitor customer behaviour, sales, categories, inventory, geographies, media and store performance. They could identify anomalies, form hypotheses, estimate commercial impact, recommend interventions, test them and measure the incremental outcome.

The role of the marketer would evolve from simply managing campaigns to managing the intelligence, strategy and guardrails around a more autonomous growth system.

This evolution can be built around three principles: Anticipate, Act and Account.

1. Anticipate where consumer needs and growth will emerge and where they may disappear.

2. Act by identifying and eventually executing the most relevant intervention for the consumer and the business.

3. Account for whether that intervention genuinely created incremental value.

The CDP of the future, therefore, should move beyond being a platform that simply manages customer data. It should become a Growth Decision Platform one that helps businesses understand consumers better, identify opportunities, detect risks, recommend actions, measure incrementality and continuously learn from every intervention. The ultimate measure of such a platform should not be the volume of data it manages.

It should be much simpler:

Show me the Delta you create.

Because ultimately, consumer centricity is not the opposite of growth. It is where sustainable growth begins.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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