JB Insights
WGC releases ‘India Gold Market – Reform and growth’
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
JB Insights
India Doesn’t Have Any Jewellery Brands; They Are Marketplaces Masquerading As Brands
Amit Kumar, CEO & Co-founder, QWEEN, speaking to JewelBuzz, said jewellery brands are actually “marketplaces masquerading as brands.” QWEEN disrupts the fragmented diamond industry by replacing “aggregator” models with a 100% natural, Mine-to-Market approach. By sourcing exclusively from Rosy Blue, they maintain a closed-loop supply chain that guarantees a documented, audited journey for every stone. Moving beyond marketing jargon, QWEEN prioritises transparency and ethical integrity through Kimberley Process compliance, transforming the intimidating traditional buying process into a confident, self-discovery experience for the modern woman.
You’ve made a bold claim that most Indian jewellery brands are actually “marketplaces masquerading as brands.” What do you mean by that?
For decades, the industry has operated on an illusion. Most retailers act like aggregators—they source diamonds from a vast web of multiple vendors in various batches. Much like a restaurant sourcing ingredients from different suppliers to save costs, these jewellers prioritise efficiency over consistency. The result is a fragmented supply chain where even the jeweller often cannot tell you the true origin of the stones they are selling. We felt modern luxury deserved better than that ambiguity.
QWEEN calls itself India’s first “100% natural, Mine-to-Market” brand. How does your sourcing model actually differ from the norm?
We chose a path that is intentionally harder and slower. Instead of juggling multiple vendors, we source every single diamond from one revered origin: Rosy Blue. With over 63 years of heritage, they aren’t just a supplier; they are our strategic supply-chain investors. Because they are sightholders with direct access to ethically sourced rough diamonds, we have a documented, audited chain of custody. We don’t just trace a diamond to a country; we trace it through its entire journey.
Ethical sourcing is a popular buzzword. How do you move beyond “marketing narratives” to provide verifiable proof to your customers?
We believe trust is built through structural integrity, not just slogans. Every diamond at QWEEN is Kimberley Process compliant, meaning it is verifiably conflict-free by global standards. Because we don’t deal in “mixed batches,” there is zero room for inconsistency. We intend to prove this transparency directly to our customers within our retail stores, showing them the verifiable truth behind their purchase.
You often mention moving away from “jargon and intimidation” in the buying process. What does the “self-discovery” experience look like for a woman shopping at QWEEN?
Historically, buying diamonds has felt transactional or even intimidating. We want to change that. When a woman understands exactly where her diamond came from, who worked on it, and why it’s graded a certain way, the purchase transforms. It’s no longer about pressure; it’s about ownership and confidence. We want our customers to connect the diamond’s journey to their own identity and values.
What is next for QWEEN, and where can customers experience this new model of luxury?
Our philosophy is coming to life in our upcoming experiential stores in Bangalore and Delhi. These won’t just be retail spaces; they are environments designed for clarity and intent. We aren’t building this brand on the size of our assortment, but on the courage to do things differently.
| Feature | Traditional Marketplaces | QWEEN (Mine-to-Market) |
|---|---|---|
| Sourcing | Fragmented: Diamonds pass through many hands, making it hard to pinpoint origin. | Single Source: Sourced directly through Rosy Blue, ensuring a closed-loop system. |
| Traceability | Opaque: Often impossible to guarantee the exact journey of a specific stone. | Fully Documented: Offers a clear, verifiable chain of custody from the mine to the wearer. |
| Ethical Standards | Inconsistent: Rely heavily on vague marketing or secondary certifications. | Strict Compliance: 100% Kimberley Process compliant with rigorous ethical oversight. |
| Customer Vibe | Transactional: Can feel cold, intimidating, and buried in technical jargon. | Experiential: Focuses on the “story” of the diamond, making it personal and relatable. |
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